Payment partner Clear Junction suspends activity with Binance
Payments player Clear Junction has suspended activity with Binance after similar moves from Barclays and Santander.
One of the leading crypto exchanges, Binance is facing a number of regulatory issues recently as the Financial Conduct Authority (FCA) heads up regulatory overwatch of finance in the United Kingdom.
“Clear Junction can confirm that it will no longer be facilitating payments related to Binance,” The payment company said in a statement that was tweeted out by Adam Samson of the Financial Times.
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." pic.twitter.com/mGQqZWIbhU— Adam Samson (@adamsamson) July 12, 2021
“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,” Adam said.
Sterling withdrawals via Faster Payments appears to be suspended again -> pic.twitter.com/OpSUsXsiQI— Adam Samson (@adamsamson) July 12, 2021
Toward the end of June 2021, the FCA ruled that Binance Markets Limited had to stop its U.K.-based operations. Binance, countering the FCA move, said that BML is a separate outfit.
Following the news along with other regulatory concerns, Barclays suspended customers from using payment cards for Binance activity. Subsequently, the U.K. branch of Santander also decided to suspend customer interaction with the crypto exchange.