Home » News » Binance Slew Of Problems Continues As Clear Junction Say goodbye to The Crypto Exchange

Binance Slew Of Problems Continues As Clear Junction Say goodbye to The Crypto Exchange

Spread the love

Following a wave of unfavorable stories encircling Binance in recent several weeks, another player has decided to disassociate itself from the exchange. One of Binance’s payment partners in Europe, Clear Junction, has suspended facilitating payments to the crypto exchange.

Clear Junction Reduce Binance Off

In recent weeks, Binance has had to deal with a variety of regulatory problems. Following similar steps by Barclays and Santander, payments company Clear Junction has halted activity with Binance.

It claims that the Financial Conduct Authority’ h recent notice regarding the exchange’ s London-based entity is the reason behind the decision:

Clear Junction will tell you that it will no longer be facilitating payments related to Binance. The decision has been made following the Financial Carry out Authority’ s recent statement that Binance is not allowed to undertake any regulatory action in the UK

The company statement concluded:

We have decided to suspend both GBP and EUR payments and will no longer be assisting deposits or withdrawals in preference of or on behalf of the crypto trading platform. Clear Junction acts in full compliance along with FCA regulations and guidance in regards to handling payments associated with Binance.

The Financial Conduct Power, or FCA, is in charge of monetary regulatory oversight in the United Kingdom. The FCA ordered Binance Markets Limited, or BML, in order to cease operations in the United Kingdom by the end of June 2021. Binance pointed out BML as a various entity in response to FCA’ s approach.

Adopting the FCA’ s announcement, as well as other regulatory concerns about Binance, Barclays barred clients from using their credit cards for Binance transactions. As a result, Santander’ s U. K. division elected to halt consumer interaction with the crypto exchange.

Related content | Binance Suspends U. K Ramping Stirring Suspicions Of A Crypto Crackdown

Binance Dipped In Bad News

Obvious Junction’ s decision to withdraw from the world’ t largest crypto exchange may be the latest in a string associated with negative news for Binance. Last Monday, both Santander UK and Barclays verified that all payments to Binance made through their banking institutions will be blocked. This, like the Clear Junction judgment, emerged as a result of the FCA’ h Binance Market Limited caution.

Santander UK, England’s branch of the Spanish bank, stated that “keeping our customers safe is really a top priority, so we have decided to avoid payments to Binance following a FCA’s warning to consumers. ” Meanwhile, a statement from Barclays’ plainly states, “The decision has been taken adopting the FCA warning to customers. ” Barclays clarified that users will be able to withdraw funds and the ban only applies to debit and credit obligations to Binance. “This action does not impact on the ability can be to withdraw funds from Binance. ”

Despite the rising negative attention, warnings, and corporations isolating themselves from Binance, the exchange insists on sticking with protocol. The company contends how the FCA’ s allegations are “ categorically false” which it “ lacks sufficient compliance capacity. ” Binance takes its legal commitments really seriously, according to the statement, and is sorry that Barclays plus Santander UK “ have taken unilateral action. ” Binance hopes to conduct an open communication with the former collaborators to explore concerns.

clear junction

  BNB/USD still consolidating. Source: TradingView  

Related article | Crypto Exchange Binance Blocks SEPA Transfers, Prevents Euro Deposits

  Featured Image through Pixabay, Charts from TradingView