Recently I had a payment to Binance rejected and returned back to my account (less their fee), which I thought was strange as according to their last communication, the payments are ok to make until the 25th Sept.
Although they mention they are just changing their provider, it seems they don't have a new one yet. Not only that, they also will not allow people to convert EUR fiat balances to crypto in the future, which seems strange. So you could only buy crypto at fixed prices with fiat in future. One of the things I liked about Binance were the fiat markets.
On-ramping without SEPA bank transfers could now be more expensive with Binance by a factor of 10-15 times depending on how much you are depositing. Although they still seem cheaper than some of the non-SEPA competitors fees.
In the meantime I have been looking for some alternative solutions and got a couple of recommendations that I am testing out. I usually don't like to have lots of accounts and doing lots of KYC and remembering usernames and passwords.
Anyhow, so I initiated a couple of test payments of 100 EUR and unlike to Binance, the payments via bank transfer have arrived the next day and I could buy the crypto at pretty good rates that I had not expected.
I was testing the prices offered against Live Coin Watch and they were bang on the money which was pretty good. The only bad thing is that Binance have a pretty liquid Hive market and this was good to on-ramp directly there and buy Hive. Now I will need to add an extra step before doing that, although I do like the new services so far, it is good to add some extra options to onramp.
Are you affected by the removal of SEPA payments by Binance?
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