Binance P2P Introduces New Automated Payment Methods for Crypto Trades Sep 18, 2023, 15:20 GMT+7 Binance P2P, a peer-to-peer trading platform, has unveiled five user-friendly automated payment methods for cryptocurrency buyers and sellers in 15 different fiat markets. These newly introduced automated payment options enable users to swiftly receive their purchased assets, simplifying the trading process.
Streamlining Cryptocurrency Trading with Automation
These automated methods eliminate the need for sellers to manually confirm payments before releasing assets, as the system automatically verifies complete payments from buyers. This automated system operates around the clock, ensuring that assets are promptly released upon confirmation of full payment, reducing delays and enhancing overall trading efficiency.
It’s important to note that only selected merchants on Binance P2P, identified by a distinctive pink lightning badge, are authorized to utilize these automated payment methods. Binance has emphasized that its goal with Binance P2P is to enhance the peer-to-peer transaction experience, making it smoother, more efficient, and secure for both buyers and sellers. This underlines the platform’s dedication to improving the trading experience.
Concerns Arise Following the Suspension of Euro Deposits and Withdrawals
In August 2023, Binance encountered a temporary setback related to its European operations. Finance Magnates reported that the exchange faced payment issues in Europe, leading to the suspension of euro deposits and withdrawals. However, a spokesperson for Binance reassured users that the platform’s services were operating normally.
The suspension specifically pertained to Single Euro Payments Area (SEPA) transfers, which are a standard for swift and secure card-based transactions within the European Union (EU). Initially, Binance Customer Support’s official Twitter account announced the suspension and cited challenges with its payment provider, causing concerns about the exchange’s regulatory status in Europe.
The tweet, which suggested uncertainty about when SEPA transfers would be reinstated, was later removed from Binance’s official profile. Users expressed frustration due to difficulties accessing their funds, following Paysafe Payment Solutions’ decision to end its collaboration with Binance for euro payments, effective from September 25.
However, Binance later clarified that SEPA deposits and withdrawals would continue uninterrupted until the mentioned date. The exchange attributed the potential account closures to routine compliance checks. Despite this temporary disruption, Binance was committed to swiftly resolving the issue to ensure the uninterrupted provision of its services.
