Leading cryptocurrency exchange Binance has been under a lot of regulatory pressure in the U.K in recent weeks, and the situation is only getting worse for the company.
Clear Junction Will No Longer Process Binance Payments
London-based payment firm Clear Junction has announced that it would no longer process payments made from the Binance cryptocurrency exchange. This order came after the Financial Conduct Authority (FCA) banned Binance Markets Limited from operating in the United Kingdom.
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Clear Junction, in its blog post, said it is stopping Binance payments to comply with the FCA regulations. The payment processor said, “Clear Junction can confirm that it will no longer be facilitating payments related to Binance. The decision has been made following the Financial Conduct Authority’s recent announcement that Binance is not permitted to undertake any regulatory activity in the U.K.”
Following this latest ban, GBP and EUR payments on Binance will no longer be processed. This means that the payment processor will not facilitate deposits and withdrawals from Binance.
FCA Bans Is Affecting Binance’s U.K Operations
Last month, the FCA banned Binance Markets Limited, stating that it is not a registered entity in the U.K. and, as such, doesn’t have the license to operate. Binance has maintained that the ban only applied to Binance Markets Limited and not Binance.com, its global cryptocurrency exchange.
However, some banks, including Barclays and Santander, have banned their users from funding their Binance accounts using credit and debit cards. The Binance Coin (BNB) is one of the hardest-hit cryptocurrencies in recent weeks. The broader cryptocurrency market has sustained losses since May, with the total market cap dropping from above $2 trillion to below $1.5 trillion.
BNB is currently down by 4% over the past 24 hours, with the news from the United Kingdom affecting its performance in recent weeks. If the bearish tendencies continue, BNB’s price could slip below the $300 mark, down by more than 50% from the all-time high above $600 it set in May. Despite that, BNB remains one of the leading cryptocurrencies in terms of market cap, and Binance is still the number one cryptocurrency exchange in terms of the trading volume.