Binance's Paysafe Partnership Ends, Users Advised To Convert EUR Balances To USDT
Portfolio Pulse from Khyathi Dalal
Binance is looking to replace Paysafe as its banking partner. The crypto exchange has advised all Paysafe users to convert their EUR balances into Tether by Oct. 31. This comes after Paysafe cut ties with Binance, ending buying, selling, and trading support on the platform. Binance users will no longer be able to participate in EUR Spot trading and any open pending orders will be cancelled by the exchange. Binance had previously announced in June that Paysafe would end its support in September 2023.
September 28, 2023 | 4:59 pm
News sentiment analysis
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NEGATIVE IMPACT
Binance's decision to replace Paysafe as its banking partner and the discontinuation of EUR Spot trading could potentially impact the value of Binance USD (BUSD).
Binance's decision to replace Paysafe as its banking partner and the discontinuation of EUR Spot trading could lead to a decrease in the demand for BUSD, potentially impacting its value.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Paysafe's decision to cut ties with Binance could potentially impact the company's revenue and stock price.
Paysafe's decision to cut ties with Binance could lead to a decrease in the company's revenue, potentially impacting its stock price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
The advice for Paysafe users to convert their EUR balances into Tether could potentially increase the demand for Tether, impacting its value.
The advice for Paysafe users to convert their EUR balances into Tether could lead to an increase in the demand for Tether, potentially impacting its value.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70