- Binance Pay now accepts EURI, Banking Circle’s MiCAR-compliant e-money token.
- The partnership’s mission is to make digital currencies more accessible and widespread.
As a seasoned researcher with a keen interest in fintech and digital currencies, I find this partnership between Binance Pay and Banking Circle to be a significant leap forward in the world of cryptocurrencies. Having closely followed the developments in this space for years, it’s exciting to see major players like Binance taking strides towards mainstream adoption.
In a strategic partnership, Binance Pay has teamed up with Banking Circle to incorporate the EURI stablecoin into its payment system. This alliance makes Binance Pay the first digital asset exchange to manage EURI, which is Banking Circle’s e-money token compliant with MiCAR regulations. This integration aims to streamline transactions using the EURI stablecoin, thereby enhancing the practicality of digital currencies in everyday financial operations. Notably, Binance has recently introduced a zero-fee promotion for select trading pairs, enabling users to trade without charges until further notice.
Enhanced Digital Currency Utility
Beginning August 28, 2024, Binance Pay users will have the ability to conduct transactions using EURI, thereby expanding the selection of digital currencies for everyday use. Jonathan Lim, Head of Binance Pay globally, highlighted the importance of this link in simplifying and enhancing user transaction experiences. He underscored the partnership’s role in advancing the widespread adoption of digital currencies and promoting financial inclusion.
Daniel Lee, who leads Web 3 at Banking Circle, commended the partnership for leveraging each other’s fintech abilities to boost the effectiveness and security of digital transactions. He characterized the incorporation of EURI into Binance Pay as a significant milestone in expanding the acceptance of digital currencies.
On August 26, Banking Circle unveiled EURI, a pioneering bank-supported MiCA-compliant stablecoin. This new digital currency is designed to bolster existing payment infrastructure while strictly adhering to stringent EU regulations. As one of the initial MiCA-regulated EURO stablecoins, EURI strengthens users’ trust and reliability by following consumer protection and transparency guidelines. Withdrawals for EURI will become accessible starting August 29, 2024; however, users are advised to consult the withdrawal page regularly for real-time updates on its status.
As an analyst, I’d express it like this: “I am thrilled about the merger between Binance Pay and Banking Circle, as it underscores our shared dedication to broadening the use of digital currencies and improving their acceptance in international financial transactions. The integration of EURI is anticipated to foster innovation and facilitate the global embrace of digital assets.”
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2024-08-31 18:19