Starting tomorrow, crypto exchange Binance will no longer accept SEPA payments. That news came out recently and is a disappointment for Europeans as it is now no longer possible to deposit euros for free on the world’s largest exchange. Binance CEO Changpeng Zhao (CZ) today shared a open letter about the situation in which his company finds itself.
As crypto exchange you have to adhere to a lot of rules because you handle financial resources and sensitive data. The crypto industry is a fledgling emerging industry, so clear rules for crypto companies to adhere to are still lacking in many areas. It is also often seen that old rules for the traditional financial world are applied to the crypto sector that even recently led to a lawsuit in our own country.
Binance is now facing headwinds in a number of countries worldwide. In its open letter today, CZ states that there is a certain “hyperfocus” emerging among crypto regulators. Nevertheless, the CEO emphasizes that one of Binance’s core principles is to partner with governments. However, many countries still lack clear regulations. But, says CZ, “compliance is a journey.”
CZ compares the current situation regarding regulations and crypto with the rise of the car. “When the automobile was first invented, there were no traffic laws, traffic lights, or even seat belts.” The CEO further explains:
“Over time, laws and guidelines were developed as the cars were on the road. These are frameworks and laws that we take for granted today, allowing this powerful technology to be used widely and securely. Crypto is similar in that it can be accessible to anyone, but frameworks are needed to prevent abuse and bad actors. Clarifying and drafting the first set of standards is critical to the continued growth of the industry. And Binance wants to make a positive contribution.”
Buy Altcoin on Binance with iDeal or SEPA? It’s still possible!
Binance is an exchange known for its huge range of altcoins. Binance also previously suspended iDeal. It is therefore a pity that Dutch people can no longer deposit euros with iDeal or SEPA. It is not clear for how long this will be the case. Yet there is still an option to easily buy altcoins on Binance.
Approved Dutch exchanges like Bitvavo still accept iDeal and SEPA. Users can therefore buy crypto via these exchanges and send it to Binance to trade with altcoins listed on Binance!
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