Binance Expands European Influence With New Euro Services Partnership
Portfolio Pulse from Khyathi Dalal
Binance, the cryptocurrency exchange, has announced new partnerships for Euro services, expanding its European influence. The new partners, including fintech firm TrueLayer and global payment tech company Nuvei, will provide EUR transactions via Open Banking and SEPA/SEPA Instant. This comes after Binance's previous Euro banking partner, Paysafe (NYSE:PSFE), ended its relationship with Binance in September. Binance is currently facing regulatory challenges and has halted operations in Germany, Netherlands, and Cyprus.
October 20, 2023 | 8:16 pm
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Paysafe (NYSE:PSFE) ended its relationship with Binance in September. This could potentially impact Paysafe's revenues, depending on the extent of business it was doing with Binance.
Paysafe was previously providing Euro banking services to Binance. The termination of this relationship could lead to a decrease in Paysafe's revenues, depending on the volume of business it was doing with Binance. However, the exact impact is uncertain without more specific financial details.
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