Binance’s Key Payments Partner Severs Ties with Embattled Exchange

Global payments solution provider Clear Junction has confirmed that it will no longer facilitate either pound or euro payments to Binance.

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

Clear Junction can confirm that it will no longer be facilitating payments related to Binance. The decision has been made following the Financial Conduct Authority’s recent announcement that Binance is not permitted to undertake any regulatory activity in the UK.

Clear Junction — which had been one of #Binance’s key payments partners in Europe — says it has “decided to suspend both pound and euro payments and will no longer be facilitating deposits or withdrawals in favour of or on behalf of the crypto trading platform.”

— Adam Samson (@adamsamson) July 12, 2021

Last week, Binance also halted euro bank deposits from the Single Euro Payments Area (SEPA) network, citing events that are “beyond” its control.

The world’s largest exchange was able to process deposits from both SEPA and the U.K.’s Faster Payments Service (FPS) with the help of Clear Junction.

Now that the partnership is over, Faster Payments withdrawals have been suspended for maintenance.

As reported by U.Today, both Santander UK and Barclays prohibited their customers from sending transfers to the embattled exchange after the FCA warned that Binance Market Limited was not permitted to conduct any regulated activity in Great Britain.

Article reprinted on Crypto News

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