When you use an exchange like Binance, Gemini or Coinbase, you may face the problem when trying to convert bitcoins to euros where you suddenly lose access to your funds, which means that exchanges may close or freeze your Euro balance due to regulatory pressure.

This is because they rely on Third Party Providers for banking, who may decide to cut off access because of such pressure.

The regulatory environment in Europe is stringent and complex. The Payment Services Directive II (PSD2) outlines the rules and regulations that bank-independent Third Party Providers (TPPs) need to follow to operate their services, which includes Bitcoin exchanges and offramping services that help users spend Bitcoin.

Hence, these platforms must comply with various regulations that aim to protect customers and mitigate risks associated with using and spending Bitcoin, especially the ones associated with using third party custodians.

Bitcoiners in Europe will be well aware of all the exchange hacks and frauds that have impacted so many users over the years. These regulations aim to prevent these events.

But the downside is that this compliance requirement can be a significant challenge for Bitcoin exchanges, as users’ funds end up being frozen more often than not by TPPs, leading to poor UX and sometimes unfair outcomes for users where they suddenly lose access to funds.

And with the MiCA regulations coming into effect from next year, the regulatory environment will only get more hostile towards tools that interact with the Euro banking system.

To mitigate this, Bringin works with partners who have obtained all the right licences and are fully compliant with regulations, present and future, to provide dedicated IBANs to every user who registers on its platform.

This means we create a bank account exclusively linked to your Bringin account, from which you can withdraw to your primary bank account. The fund transfer can be initiated immediately after the conversion, reducing third-party risks further.

This drastically reduces the likelihood of your funds being frozen suddenly.

And finally, our easy-to-use and simple interface has one job and one job only: to convert Bitcoin in your self-custodial wallet to Euros in your bank account. No yield. No shitcoins. No leverage. This means we have no incentive to rehypothecate or misappropriate user funds for any reason whatsoever.