Exchanges

Binance temporarily suspends payments from Sepa network

  • Binance suspends bank deposits from Sepa Network
  • The exchange is also looking to hire employees with experience in compliance
  • CZ has published an open letter in response to all the recent issues the exchange is having with regulators

Cryptocurrency exchange Binance suspends euro bank deposits from the EU’s Sepa network. SEPA is one of the most used payment networks in Europe.

The suspension was “due to events beyond our control”

According to an email, Binance sent to its customers, and it will not be possible to deposit funds through Sepa starting 8 a.m. Wednesday, and that the suspension is temporary.

The company said the suspension was “due to events beyond our control” and that it was “working hard to find a solution with our partners.” The Sepa network is designed to make bank transfers among 27 EU member countries easier. Binance had also suspended the U.K.’s Faster Payments network.

Binance seeks employees with compliance experience

The exchange is looking to hire former regulators or government officials in the United Kingdom. This is because want to add more experience to the brand as pressure mounts against the global cryptocurrency exchange.

Meanwhile, Binance announced on Tuesday that it is strengthening its compliance team. They are doing this by hiring a new director of compliance, Jonathan Farnell. He had previously worked at eToro. According to Farnell’s LinkedIn profile, he had been in his new position at Binance for three months, but the company did not immediately announce him due to internal policies.

CZ published a letter on Binance’s regulatory challenges.

In an open letter on Wednesday, CZ said the adoption and development of crypto contained many parallels to regulations around cars in that “laws and policies were developed along the way.”

He explained that for Binance, customer safety is paramount and that the exchange has always tried to protect its customers. Here, he points to the strict insider trading guidelines and their customer protection service called SAFU. He also commented on the compliance issues. “As I said at the end of 2020, compliance is a journey – especially in new sectors like crypto. The industry still has a lot of uncertainty. We also recognize that with growth comes more complexity and more responsibility.”

After a recent string of setbacks from regulators in jurisdictions such as Singapore, Malta, and warnings from regulators in Japan and the U.K. It seems like it is almost impossible for Binance to ignore the compliance issues.

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