FCA vs Binance: Clear Junction Terminates Cooperation With the Exchange
British payment system Clear Junction announced the termination of payment processing for one of the world’s largest cryptocurrency exchanges, Binance.
The report said that Clear Junction is forced to act in accordance with the instructions of the UK National Financial Conduct Authority (FCA) regarding payment processing by Binance.
In late June, the FCA ordered Binance to cease all regulated activities in the country after conducting an audit. Also, the agency ordered Binance not to conduct such activities without prior written approval.
Binance responded to the FCA announcement by stating that Binance Markets Ltd. is a separate legal entity and does not offer any products or services through the Binance.com website. And the FCA UK notice does not directly affect the services provided on http://Binance.com.
After that, one of the largest financial conglomerates in the UK, Barclays, forbidden customers to transfer funds to Binance from credit or debit cards.
Also, the local branch of Santander Bank notified customers in an email that it would block the ability to make payments to the Binance cryptocurrency exchange from their accounts.