Payments Provider Clear Junction Stops Processing Payments for Binance

On Monday, the global payments solutions provider Clear Junction announced it ceased processing transactions for Binance. The move by Clear Junction was brought on by the Financial Conduct Authority’s (FCA) recent warning, according to a blog post written about the decision.

Clear Junction Ceases Processing Payments for Binance Citing the Recent FCA Warning

  • The Financial Conduct Authority’s (FCA) warning against Binance operating in the UK has caused a lot of issues for the company. On Monday, the global payments solutions provider Clear Junction revealed it was no longer processing payments for the crypto firm.
  • “Clear Junction can confirm that it will no longer be facilitating payments related to Binance,” the company’s blog post on Monday states. Additionally, the blog post also cites the FCA’s recent warning.
  • “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 blog announcement explains further. “Clear Junction acts in full compliance with FCA regulations and guidance in regards to handling payments of Binance.”
  • The Clear Junction news follows the recent moves by Barclays and Santander Bank. Moreover, on July 6, 2021, Binance suspended euro deposits via SEPA bank transfers, while also hiring a U.S. regulator.
  • Binance CEO Changpeng Zhao recently discussed regulatory policy and explained that “compliance is a journey – especially in new sectors like crypto.”
  • On Monday, Changpeng Zhao also referred to as CZ tweeted a picture of himself all dressed up and said: “Do I look more regulated already? Just found out I don’t have dressing shoes at all. So went with sneakers.”
  • Binance has also had issues with the regulatory climate in Thailand, Cayman Islands, Japan, Ontario, and South Africa.

What do you think about Clear Junction explaining that it won’t process payments for Binance? Let us know what you think about this subject in the comments section below.

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