Binance Woes Continue As Clear Junction Pulls Out
Another player has decided to distance itself from Binance after a slew of negative headlines around the exchange in recent weeks.
Binance has faced a number of regulatory issues in recent weeks. Payments player Clear Junction has suspended activity with Binance after similar moves from Barclays and Santander.
“Clear Junction can confirm that it will no longer be facilitating payments related to Binance,” Clear Junction said in a statement that was tweeted out by Adam Samson of the Financial Times on Monday. “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.”
The Financial Conduct Authority, or FCA, heads up regulatory overwatch of finance in the United Kingdom. Toward the end of June 2021, the FCA ruled that Binance Markets Limited, or BML, had to stop its U.K.-based operations. Countering the FCA move, Binance noted BML as a separate outfit.
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Following the FCA news, as well as other regulatory concerns pointed toward Binance, Barclays suspended customers from using payment cards for Binance activity. Subsequently, the U.K. branch of Santander decided to suspend customer interaction with the crypto exchange.
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Clear Junction followed suit, according to today’s news. The statement from Clear Junction posted by Adam Samson added:
“We have decided to suspend both GBP and EUR payments, and will no longer be facilitating deposits or withdrawals in favor of or on behalf of the crypto trading platform. Clear Junction acts in full compliance with FCA regulations and guidance in regards to handling payments of Binance.”