More woes for Binance exchange as UK partner cut ties

Changpeng Zhao

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TL;DR Breakdown

  • Another ally of Binance cut ties with exchange firm
  • Several regulators across the world after Binance head
  • Binance play down crackdown, calls it FUD

Binance exchange has again taken another blow after its major payment partner, Clear Junction, announced they would be suspending both pound and euro payments with the exchange firm.

The UK-based payment firm sighted the exchange’s ongoing standoff with UK regulatory watchdog Financial Conduct Authority as its reason for cutting ties with the number one crypto exchange.

Ever since the FCA got at Binance about operating illegally in the UK, it has been another day another trouble for the exchange. Although Binance Exchange has been under scrutiny before the FCA came after them, however, since the UK regulator got involved, it has been a whole different ball game.

Clear Junction allowed Binance to utilize deposits from both the Single Euro Payments Area (SEPA) along with the UK’s Faster Payments Service (FPS).

This comes after Binance announced last week that SEPA payments would be halted on its platform for reasons beyond its control. The exchange has also suspended Faster Payments withdrawals now that their time with Clear Junction has ended.

The FCA warning, which can be blamed for all these clashes on Binance exchange, hit the crypto firm so hard that it told intending investors to desist from associating with Binance. FCA suggested that people should find a different place to put their money.

Regulators after Binance exchange’s head

Since the exchange firm rose to fame in 2017, Binance has been on the radar of many regulators globally. Some have issued warnings or officially taken action against the exchange.

The FCA’s recent backlash only amplified the hunt for the number one crypto exchange firm. Beyond the FCA, Japan was among the first countries to have come for Binance.

Singapore followed, and during the first day of July, Cayman Islands joined the list – stating that “Binance is not authorized to operate in the islands.”

Just a day later, on July 2nd, 2021, Thailand’s SEC took it a step further. Thai regulators issued a warning and filed a criminal complaint against the exchange for operating a digital asset business without a license.

Binance has been calm with the firm CEO, Changpeng Zhao, describing the multiple crackdowns as FUD (Fear Uncertainty and Doubt) in the wake of all these troubles.

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Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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