Saturday, May 21, 2022

Clear Junction Will Not Process Payments Related To Binance, Announces Company

European payment processor Clear Junction has confirmed that it would not be facilitating any transaction related to Binance, the world’s largest crypto exchange, on its platform. 

While making an announcement through its website, the London-based company further stated it took the decision after the Financial Conduct Authority (FCA) issued the consumer warning against Binance Markets Limited.

Clear Junction has specified that it fully complies with FCA regulation and guidance in regards to payments of Binance.

“We have decided to suspend both GBP and EUR payments and will no longer be facilitating deposits or withdrawals in favour of or on behalf of the crypto trading platform,” announces the European payment processor.

The company’s decision was persuaded by the recent announcement of FCA in which it stated that “Binance is not permitted to undertake any regulatory activity in the UK.”

The FCA warning, which was issued last month, clarified that Binance-owned Binance Markets Limited is not registered to operate its business in the country, but the UK customers can continue to use Binance.com. 

After that several UK banks like NatWest and Santander, limited their customers’ ability to access Binance or other crypto exchanges.

Binance is considered to world’s biggest crypto exchange but unlike other crypto exchanges, for instance Coinbase, Binance does not have any official headquarters. 

The UK FCA got concerned about it and company’s approach to anti-money laundering standards.

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