With Clear Junction, another important partner is now turning its back on the Binance crypto exchange. Meanwhile, the competition is discovering regulatory compliance as an advertising medium.
Things are really sticking out for the crypto exchange Binance at the moment. Not only the regulatory problems around the world are burdening business. More and more payment service providers are also refusing to cooperate. The most recent example is Clear Junction. Previously, Barclays and Santander had taken similar steps.
Clear Junction confirms that Binance-related payments will no longer be made. The decision came after the most recent you prohibited Binance from engaging in any regulatory activity in the UK
, according to the wording of a statement made by Financial Times-Employee Adam Samson on Monday tweeted has been. This is undoubtedly a severe blow for the crypto exchange. After all, Clear Junction was one of Binance’s key payment partners in Europe. The new regulation means that both sterling and euro payments will be suspended. Neither deposits nor withdrawals from Binance are therefore possible via Clear Junction.
To what extent is the competition now benefiting from Binance?
This constant fire, under which Binance is under, pours water on the mills of the competitor Gemini. Like it in one Bloomberg-Report is, said Gemini co-founder Cameron Winklevoss, how important it is to comply with the demands of the regulators.
We play the long game. We’re trying to be the fastest turtle in the race. The long game pays off over time
, Winklevoss explains Gemini’s strategy. This is easy to recognize as a swipe at Binance. The company that makes its headquarters a mystery. Nevertheless – or perhaps because of it – Binance has managed to climb to the top position of the crypto exchanges in terms of trading volume. But now the headwind is getting stronger and the strong position is wavering due to regulatory difficulties. It is therefore not surprising when many Binance competitors advertise that they comply with the regulations of the authorities and thus lull customers into safety.
In the USA in particular, warnings from the authorities in recent years have ensured that many platform operators have turned their backs on what is actually an extremely important market. Important exchanges such as Coinbase, Kraken or Gemini have remained loyal to him. Binance.US is also represented there, but according to its own statement it should have little or nothing to do with the global Binance platform. Only the name and parts of the technology are licensed from the trading platform.