Topic: Binance.com to re-enable EUR deposits/withdrawals (Read 219 times)

Thank you so much for this informative content

So, as of today Paymonade in binance.com is disabled, the prompt to deposit EUR is still there, this time with Bifinity UAB...

Buuuut, if you try to actually deposit any amount, it will be returned to your account instantly. That's what happened to me at least. No need to try this yourself.

I also had issues with Paymonade.

For one, you need to pass KYC all over again.
Don't get me wrong, it's near instant as it usually was with Binance, but it lags in the final step and you have to do it all over again. I was never able to get through it to be honest and completely gave up in the end.

I don't know what to make of this. Probably Binance in playing whack-a-mole with EU legislators can't manage to find a good solution for depositing EUR. But now we're completely stuck with this.
Given that the rate is also not that good, it's probably more worth it to trade EUR/USDT in another exchange and deposit to Binance if you really need USDT on Binance.

It seems that many users have problems with paymonade ...

https://twitter.com/search?q=paymonade&src=typed_query

Yes indeed binance is paying whack-a-mole with regulators. Binance tries to remain legal and regulated but regulators instead of doing proper investigation go after its payment providers... This might be a dangerous game where it could see it banned completely from the EEA market and I'm not sure what's going to happen then...

Paymonade seems eerily similar to binance when it comes to design of the website. For instance, their EUR/USD etc. logos in the site you mentioned are the exact same with binance.com. And in their website it seems that they mention binance directly: https://www.paymonade.tech/en/support


So binance corporate structure and paymonade ownership really dosn't matter very much. We know binance has actively been trying to keep these things under veils but there being direct mention to binance on the website is enough evidence to establish a direct link. Not that it matters much, it's just a passthrough company to get money to binance and it'll likely be axed by regulators anyway. At least that for the average user.

For the more inquisitive I'm finding something interesting here:


A company called paymonade in poland has a conneciton to Singapore parliamentarian Calvin Cheng Ern Lee


Source: https://www.northdata.com/Paymonade+sp.+z+o.o.,+Warszawa/KRS0001030787

This person seems to have a connection with crypto and has received positive coverage from Binance's official news account:
https://www.binance.com/en/feed/post/2023-08-16-ex-singapore-parliamentarian-s-swiss-company-launches-swiss-franc-and-euro-stablecoins-975783

This is a very interesting rabbit hole, I'll look into it more perhaps.

When every government is doing this to Binance and this one flees while others stay and keep working you have to wonder where the problem is!

As for their payment gateway, it's really a joke!
They have not been able to find a real partner for bank deposits so they are going to round about route, basically what you're doing right now is sending money to a crypto payments gateway and this buys USDT for you which is credited to your Binance account.
You could just as easily make a SEPA deposit to Bitstamp, get USDT there and then send then to Binance, it's the same thing!

No wonder they didn't want to name it when they said they have an alternative, this is no alternative it's a joke of a solution!

Well, every government is playing whack-a-mole with Binance and its subsidiaries & partners - clearly they don't like Binance and/or they see something fishy that is impossible for us to see.

Ultimately though, I do not really trust Binance to keep their books clean, although they do have significantly more competence than "the guy who pleaded not guilty for fraud".

Is this their new partner?[1] I tried to search for more info but it seems like the company just recently launched. Are you sure this is not a company that is owned by Binance in one way or the other? There is no company info on their page, just a simple address and a bunch of marketing messages to the customers. Kinda hard to trust this new provider. I wouldn't be surprised if it got blocked again sooner or later. CMIIW.

[1] https://www.paymonade.tech/en

So the new payment partner seems to be called PAYMONADE and you can only deposit EUR to be directly converted to USDT...



Shame there is no way to deposit via bank to keep as an EUR balance now...
EUR markets are active for binance.com but you can only deposit crypto via card under a 2% fee to have an EUR balance?
https://www.binance.com/en/trade/EUR_USDT

Honestly such a shame.

It has been so long and no signs of Binance.com actually adding the payment methods they claimed they'd be adding...


This is all I see when entering my account.

The support keeps saying to keep checking periodically as it is supposed to come anytime now. Well, I can't help but wonder when is "anytime now"?
Has anyone in EEA actually been able to deposit EUR in binance.com after the announcement in OP was made?

That's exactly the point, Binance P2P along with Binance as a whole loses much of its utility if Binance isn't a liquid exchange from the fiat side. If users wanted to do P2P transactions there already exist a ton of exchangers.

P2P in Binance was in large popular among those that were seeking a funding method to access the more advanced services of the exchange. But with less liquidity and available markets overall there's not much use to the platform overall, not just it's "P2P" side.

Bruh, I give up, seriously! 
Oshosondy asked simply:


They can, because they don't need Binance, just like all these guys are doing right now:
https://p2p.binance.com/en/trade/SEPA/BTC?fiat=EUR

There is and there was never a need to fund your Binance account with EURO to do a P2P deal! Never!

Is it really about regulators being too lazy, is it about them not making the rules clear enough to be followed, or is it on the exchange side who thinks the rules are not meant to be the way regulators have made them to be, or are they thinking they can pass some of those rules and set up their own rules, seeing that as something unnecessary for the progress?
 
What I think is the reason why the regulators come after them with some binding rules given different explanations to what they already have. This could be as a result of the exchanges always taking too much advantage of any little licence that they have been given; they make things appear as if they are always right, exploiting citizens, and launching new services without proper approval on things that might require them to request permission before providing such service to their citizens.
 
If exchanges and regulatory authorities can have one understanding language, I believe there will be a little favourable service that we can experience from them.

If I give my BTC to a P2P seller within Binance he can pay me on an outside service. Likewise if I buy BTC within Binance.com P2P I pay to an outside service. EUR within Binance isn't transferable from user to user anyway due to regulatory reasons. So it's not possible to fund your EUR balance at a binance.com account with P2P. So EUR live exchange markets can't still get any funding as EUR has no way to be deposited.

Yes the name P2P is a little misleading. But it's actually the regulations that give it these handicaps. Hope this example clarified it.

Bruh, it's P2P!
I don't deposit the euro to Binance I deposit it to the other guy's euro account.

So if Rikafip and I who are both EU citizens would make an exchange :
- Rikafip would deposit the coins to Binance, create the sell order, give me his ING account, and wait for me
- I would make a transfer from my Erste bank to his ING account and send him the payment details
- He gets the money in his bank account, he releases the escrow

At no point, there is a Euro transfer involving Binance's bank accounts!

From Binance's own website:

Well the name of the company Binance.com will be using for EUR transactions would be hard to hide. People are getting access to EUR deposit information and they will see an IBAN which can easily be linked to a bank. Perhaps Binance's ne partner is using a payment seevice provider that will be utilizing another bank's IBANs, but still with some sleuthing it would be discovered eventually. Perhaps it would be as easy as looking at the banking details, I just haven't been given access yet.

As of why P2P wouldn't work, well... It's pretty simple to understand why. With Binance P2P you can pay someone to buy your crypto (or sell crypto to you) with alternstive payment methods. But without a FIAT payment partner Binance has no legal avenue to accept FIAT funds in any way. So instead of creating a supply vaccum of useless EUR deposited in the exchange they completely disabled EUR markets for the regions affected. The alternative would be Binance going rogue and accepting payment methods to accept EUR that are not regulated. But Binance wants to do things at scale and that wouldn't work for its users in Europe who are KYC'd anyway.

Easier to current not easier than what we had available two months ago!
Anyhow, I wouldn't get my hopes up:


https://www.coindesk.com/business/2023/10/19/binance-says-it-has-onboarded-new-euro-fiat-partners-for-deposits-withdrawals/




Why would p2p be affected?
Isn't p2p between users, so if I can send a payment via SEPA to your personal account why would I still be affected by paysafe issues?
P2P is supposed to work between the user's banks with Binance as an escrow for coins, don't see what the issue could be!

To be honest I think regulators are only putting pressure on Binance's FIAT partners because they are too lazy. They don't want to set a clear framework for eexchanges to work under and then just go under the most major exchange all the time. In fact, of someone wants to do fraud they could do it equally at Bitstsmp and Kraken as they could in Binance.

Of course they would be happy, but to be honest I am not surprised at all that both Visa and Mastercard are wanting to distance themselves from Binance due all that regulatory issues that they have around the world.


I understand that, but I was referring to his statement that it will be easier to use their debit card now after they found new fiat gateway partner and not about using exchange in general.

Binance sent a clarification email stating that in order to enable the new payment details and be able to transact in EUR again, users that had remaining balances from the previous provider will need to completely reduce their EUR balance to 0.





The FIAT partner Binance.com has is the only way to deposit and withdraw EUR in Binance. If the FIAT payment partner drops Binance then European users will have no way to transact with EUR inside Binance at all. EUR markets are closed to European users, deposits and withdrawals are closed and you can't even deposit via P2P. This time when paysafe (previous partner) dropped Binance, EUR in binance.com was set to reduce only i.e. only withdraw or spend.