Binance aired its disappointment overs its partners who are stopping its clients from using the platform. “It’s disappointing to learn that some partners are taking unilateral action to stop servicing Binance users based on what appears to be an inaccurate understanding of events,” the firm tweeted on Tuesday.
It can be noted that Barclays recently stops UK clients from sending money to Binance. A week ago, Binance also received warnings from other countries that it will undergo investigations due to unregulated activities. In Canada, for example, Binance stopped its business operation due to the tightened regulation. Instead of complying, the firm chose to shut down.
Binance’s tweet is followed by some specific details, such as one issue pertaining only to Binance Markets Limited (BML), but the partner took it to FCA like Binance.com was the negligent party. The firm shared that BML is a separate entity from Binance.com. BML is incorporated in the UK and regulated by FCA, according to Binance. BML doesn’t offer its products and services on the famous exchange platform.
Binance added, “We take our compliance obligations very seriously, and we are committed to working collaboratively with regulators to shape policies that protect consumers, encourage innovation, and advance the industry.”
Right now, Binance is facing legal challenges from several different countries, but the events haven’t affected how investors invest in Bitcoin and stablecoins on the platform.