Breaking: Binance’s Key Payment Partner in Europe Cut Ties Over Regulatory Concerns

By Prashant Jha
Published July 12, 2021 Updated July 12, 2021
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Breaking: Binance’s Key Payment Partner in Europe Cut Ties Over Regulatory Concerns

By Prashant Jha
Published July 12, 2021 Updated July 12, 2021

Binance crypto exchange’s regulatory woes continue to mount each day. After regulatory warnings from the governments of five different nations, its key European payment partner has severed ties owing to the exchange’s ongoing standoff with UK’s top regulatory watchdog FCA.

Coin Junction said it has suspended both Pounds and Euro payment and would no longer facilitate any deposits and withdrawals for the crypto exchange. The payment processor cited FCA’s recent regulatory caution as the reason behind the suspension.

“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.”

Binance had earlier downplayed the FCA warning as a compliance warning and had suggested that it was a normal routine. Earlier FCA had issued a warning against Binance suggesting it was not cleared by the regulatory body to carry out operations in the country.

Following the FCA warning, Binance had suspended the Sterling Pound deposit and withdrawals via faster payments for two days without any prior warning. However, the services were back within two days.

Sterling Pound Withdrawl on Binance Suspended Again

The Sterling Pound withdrawal via faster payment is suspended again after Coin Journal partnership termination.

Binance has not commented on the partnership termination at the time of writing. The lack of a physical headquarters for Binance has proven to be the main cause of regulatory trouble for the crypto exchange. Regulators have specifically mentioned that the absence of a real headquarter is a big problem.

Apart from the UK, the regulators in Japan, Cayman Islands, and Thailand have also issued a caution against the crypto exchange. Thai SEC went a step further and filed a criminal case against the exchange.

Binance is the top crypto exchange in several countries accounting for the highest trading volume across multiple crypto markets. The exchange maintains it has been complying with all the nation native regulatory guidelines it is currently operating in.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Prashant Jha
1086 Articles
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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