Leading cryptocurrency exchange Binance announced that it has temporarily suspended bank deposits from European Union’s payment network the Single Euro Payments Area (SEPA). In an email to its European customers, the crypto firm revealed that would no longer accept cash deposits from SEPA due to events beyond its control.

Binance Will Not Accept SEPA Cash Deposits From Customers

The “temporary” suspension will not affect the users’ ability to withdraw funds from the exchange through SEPA. Additionally, payments made from debit and credit cards will also not be impacted. 

SEPA is a crucial part of the European payment network as it facilitates fast, convenient, and cost-effective transfers in the region. The network is widely used by crypto traders to move cash into exchanges.

The latest development follows the disabling of the UK’s Faster Payments network on Binance over the last week. Meanwhile, Barclays, a major lender in the region, barred its customers from using their bank cards to buy cryptocurrencies on the exchange on Monday.

Binance Faces Increased Pressure from Regulators

Regulators around the globe are tightening their grip on Binance, which has handled trades worth $5 trillion this year.  The leading exchange has drawn severe criticism in the UK, where its operations were questioned by the Financial Conduct Authority(FCA). The regulator has also issued a consumer warning against the exchange’s subsidiary, although its British users can continue to use the company’s app for trading. Binance has received similar signals from authorities in Japan and Cayman Islands. However, the matter looks serious in the case of Thailand, where the country’s SEC has filed a criminal complaint against Binance for operating without a license.

While many of the restrictions have made it trickier for crypto traders to use the exchange’s services, none of them have stopped Europe or UK-based Binancians. The company’s customers have been able to sidestep restrictions on depositing fiat currencies by transferring their digital assets from another exchange or crypto wallet.