Amid multiple regulatory clampdowns, Binance’s struggle to stay above the storm may only just be starting as yet another partner has severed ties with the leading crypto exchange platform.
Clear Junction, a global payment solution provider and one of Binance’s more important partners in Europe, has confirmed that it will no longer facilitate either pound or euro payments to Binance. This is according to a Twitter post by Adam Sampson.
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 made it possible for Binance to utilize deposits from both U.K.’s Faster Payments Service (FPS) and the Single Euro Payments Area (SEPA). Binance has already halted SEPA payments since last week, citing events that are beyond its control. And with the partnership over, Faster Payments withdrawals have also been suspended on maintenance grounds.
The move follows an announcement by the Financial Conducts Authority (FCA) stating that Binance is not permitted to undertake any regulated activity in the U.K. Following the announcement, several U.K. banks, including Barclays and Santander, have stopped customers from making payments to the exchange.