Binance’s regulatory issues seem to be getting worse by the day. this issue has caused one of their key payment partners in Europe, Clear junction to cut short their partnership.
Due to the exchange’s protracted conflict with the UK’s top regulatory watchdog FCA, its primary European payment partner has discontinued links after regulatory warnings from governments in five separate countries.
Clear Junction said that it has stopped accepting payments in Pounds and Euros and that it would no longer accept deposits or withdrawals for the cryptocurrency exchange.
The suspension was attributed to the FCA’s recent regulatory caution, according to the payment processor.
“The decision has been made following the Financial Conduct Authority’s recent announcement that Binance is not permitted to undertake any regulated 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.” pic.twitter.com/mGQqZWIbhU
— Adam Samson (@adamsamson) July 12, 2021
Binance had previously dismissed the FCA warning as a compliance warning, claiming that it was routine. Previously, the Financial Conduct Authority (FCA) had issued a warning against Binance, claiming that the company had not been cleared by the regulator to conduct business in the country.
Binance had abruptly suspended Sterling Pound deposits and withdrawals via quicker payments for two days following the FCA notice. Within two days, however, the services were restored.
Following the termination of the Coin Journal collaboration, the withdrawal of Sterling Pounds via quicker payment has been suspended once more.
At the time of writing, Binance had not responded to the partnership’s cancellation. Binance’s lack of a physical headquarters has been the main source of regulatory issues for the crypto exchange.
The lack of a physical headquarters has been seen as a major issue by regulators.
Aside from the UK, officials in Japan, the Cayman Islands, and Thailand have all issued warnings about the cryptocurrency exchange. The Thai Securities and Exchange Commission went even further and initiated criminal action against the exchange.
Binance is the most popular cryptocurrency exchange in a number of nations, with the largest trading volume across several marketplaces. The exchange claims to have followed all of the country’s local regulatory rules while in operation.