As a part of Binance’s aggressive expansion into Europe, the crypto exchange has added direct fund transfers using SEPA for euro and Faster Payments for British pounds.
Announced on Monday, the crypto exchange giant has partnered with Clear Junction to add the instant direct transfer methods for both deposits and withdrawals for the European traders on the platform.
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“Users can enjoy fast, inexpensive direct deposits and withdrawals of EUR and GBP to and from their Binance account via their bank accounts,” Binance noted.
With both the fund transfer methods, there are some limitations to the deposits and withdrawals.
Every transaction should be ranged between €20 and €15,000 or £20 and £15,000. There is also a daily cap of €50,000 or £50,000, alongside a monthly transfer limit of €500,000 or £500,000. For each transaction, the crypto exchange will charge traders a flat fee of €1.50 in case of SEPA or £1.95 for FPS.
To use these transfer methods, traders need to complete identity and address verification.
Binance plan to dominate crypto
Binance first entered the European market in early 2019 with the opening of a Jersey-based crypto exchange, offerings crypto trading pairs against euro and pound sterling. Eventually, the exchange added both the leading Europan fiats to its primary platform, along with an array of other fiat currencies.
Meanwhile, Binance is also set to open a UK-based subsidiary to increase its competitiveness in the local market.
All this is a part of the exchange’s ambitious aim under which Changpeng Zhao, founder and CEO of Binance, is aiming to add over 180 fiats. The exchange is also acquiring local exchanges to near to its milestone.
The exchange is also expanding its listing of popular digital currencies, keeping the traders on a single platform. Today, the exchange also listed DigiByte (DGB) token against BTC, BNB, and USD.