Clear Junction, a Global payments solution, cuts ties with Binance

Clear Junction, a Global payments solution, cuts ties with Binance

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Global payments solutions provider Clear Junction has confirmed its withdrawal from accepting payments made to Binance in either Sterling Pound or Euro.

Citing cause as implications by the Financial Conduct Authority to Binance Market Limited, Clear Junction has ceased payments made to Binance with immediate effect.

Market news editor at the Financial Times, Adam Samson, informed of this new development on his Twitter account.

Clear Junction 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 favor of or on behalf of the crypto trading platform.”

Adam Samson (@adamsamson) July 12, 2021

Binance Woes

Ever since the Financial Conduct Authority brought Binance to the spotlight over its questionable security, banks have started re-evaluating their position with the exchange, especially in the UK.

Barclays and Santander banks have already banished deposits made to the exchange and continue to discourage trade until fraud threats are minimized.

Clear Junction is licensed under the FCA and therefore under the expectations to faithfully comply with the regulatory authority.

Binance Regulatory Problems See No End On Sight

Around Late June, The Financial Conduct Authority set out a notice instructing Binance Market Limited to halt all financial operations in the UK. The leading cryptocurrency exchange under heat has been forced to suspend cash deposits via the Single Euro Payments Area (SEPA) last week.

Binance explained that this move was beyond their control. Although temporary, the 36 countries that use SEPA can currently use the platform to send money to the exchange.

Apart from these harsh times in England, regulators in Asia, including Thailand and Japan, have also issued similar warnings to the cryptocurrency exchange.

Leading us to the main question, Can Binance survive this storm?

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