Payment Processor Clear Junction Stops Processing Binance Payments

European Payment processor Clear Junction said it will stop processing Binance payments as the company said it acts in “full compliance” with FCA regulations as we are reading more in our latest Binance news.

A number of UK banks placed restrictions on the world’s biggest exchange and the payment processor Clear Junction was the last to do so. The London-based company said on the website that the decision was made after the UK Financial watchdog the FCA, issued a consumer warning against Binance-owned Binance Markets Limited which planned to launch a UK crypto exchange. Clear Junction said it acts in full compliance with the FCA regulations and guidance in regards to the handling 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. 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.
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Last month, the FCA said that Binance Markets Limited, Binance’s registered entity in the UK is not licensed to conduct business here but clarified that the UK customers can continue to use the general platform Binance.com. Since then, a number of UK banks like NatWest and Santander have limited their account holder’s ability to access Binance or other exchanges. Binance is the world’s biggest crypto exchange and unlike other exchanges, like Coinbase, Binance has no official headquarters. The UK’s FCA a month ago said that there were concerns with this and the company’s approach to anti-money laundering standards.

As recently reported, As Binance faces scrutiny from regulators around the globe, the Polish financial regulator issued a consumer warning about the crypto exchange. The Polish Financial Supervision Authority published a statement on Binance’s regulatory issues across the world and outlined that the company’s operations are not regulated in the country. The crypto market is not regulated nor subject to supervision by the PFSA as the regulator noted and cautioned the public about the risks associated with trading on Binance given the increasing pushback to the exchange from the financial regulators.