The continuous digital asset crises have made it difficult for Singapore-based cryptocurrency exchange to offer its consumers in the European Economic Area banking services denominated in the Euro (EEA).

According to a representative for, access to EEA citizens using the Single Euro Payments Area (SEPA) system has lately been restricted.

The spokesperson added,

"As SEPA’s intended purpose is to facilitate local borderless transfers between network participants within EEA, the EUR deposits/withdrawals via this service provider are not available to those not residing in the EEA."

To further complicate its capacity to provide financial services to its consumers, previously lost the ability to accept USD deposits.

Market proponents point out that maintaining a sufficient number of fiat currency off-ramps on any cryptocurrency exchange is crucial to ensuring enough liquidity and influences the possibility for the values of digital assets to rise. Several industry watchers blamed the 10% decline in the price of bitcoin on Binance's halting of US dollar transactions in January.

The board of directors of Metropolitan Commercial Bank, a U.S.-based banking partner of, withdrew from the cryptocurrency market in January after conducting an examination. As a result, is unable to accept deposits made using USD fiat currency.

According to reports, the exchange still enables customers to buy bitcoin using credit cards. Also, it started eliminating fees for the first week of usage for newly enrolled customers in September 2022, according to persons with knowledge of the situation.

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