• Binance halts SEPA payouts, causing speculation and FUD around their native coin, BNB.
• A customer reported difficulty withdrawing funds from the exchange, leading to an admission from Binance that they had paused withdrawals and deposits in Europe.
• Following this announcement, the value of BNB decreased by 3.36% over a 24 hour period.
Binance Halts SEPA Payouts
Binance recently announced that it is no longer supporting European fiat currencies with Single Euro Payment Area (SEPA) transfers. This has caused speculation and Fear, Uncertainty and Doubt (FUD) around their native coin, BNB. A customer reported difficulty withdrawing funds from the exchange which led to an admission from Binance that they had paused withdrawals and deposits in Europe. As a result of this news, the value of BNB decreased by 3.36% over a 24 hour period.
Customer Reports Difficulty Withdrawing Funds
Twitter user Nesh reported trying to withdraw funds for several days without success. He suggested he was being scammed as his Paysafe account had been closed early without explanation or warning. In response to these reports, Binance admitted to restricting withdrawals and deposits but later said it was an oversight on their part. They stated that they were actively working to resolve the issue as soon as possible but did not give a specific timeframe for when SEPA transfers would be restored.
Rumors Of Using Bitcoin To Defend Possible Capitulation
Amidst this atmosphere of uncertainty there are rumors about using Bitcoin to defend against a possible capitulation of the currency’s price due to this negative news about SEPA payouts being halted by binance . There have also been concerns arising among investors regarding the financial worthiness of Binance [BNB] with its current situation still uncertain and no clear statement coming from CEO Changpeng Zhao (CZ).
Impact On The Price Of BNB
The announcement that withdrawals and deposits were limited caused an immediate drop in the price of BNB which has continued since then with little sign of recovery yet despite attempts at reassuring investors.. It remains uncertain if this trend will continue but it is clear that any further developments concerning SEPA payments could have drastic effects on its price moving forward depending on how well they handle it going forward; especially given recent events such as FTX-FTT which both caused similar drops in prices due to market manipulation fears .
Conclusion
In conclusion, while there is still uncertainty surrounding binance’s handling of SEPA payments and withdrawal issues; what is known is that this event has contributed significantly towards driving fear into its native token ,leading to a significant drop in value compared to previous highs before news broke out about these issues . Until more clarity is given by CZ or until SEPA payments are resumed ,the future remains unclear for both binance itself and its respective tokens values moving forward .