Hey guys, it's sasha binance have just suspended all bank account withdrawals in the uk and europe again this time. It's much worse, though, unlike what was, according to binance a technical issue that lasted about a day and a half two weeks ago, at the end of june. This time is different. This time, clear junction has released an official statement now clear junction is the company that used to process until just now, all of binance's bank account payments in and out of accounts within the uk, and it looks like across the europe sepa zone as well.

Their statement statement from clear junction says this 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 uk. Just notice their wording here we have decided to suspend both gbp and euro payments and will no longer be facilitating deposit or withdrawals in favor of or on behalf of the crypto trading platform, clear junction acts and full compliance with the fca regulations and guidance.

In regards to handling payments of finance, so last time i talked about this, a lot of people came out and told me that i am spreading. Fud fear uncertainty, a doubt that i don't know what i'm talking about that, i'm just telling porkies. I explained that the decision by the fca to declare that binance does not have a right to operate in the uk is not only restricted to the binance markets. Limited company that is registered in the uk and actually applies to the whole of binance group.

Because that's what the efca stipulated this was clear. If you read the actual notice that the fca released about binance's license rather than much shorter and less detailed warning message, that is what i think most people actually read. Instead, it appears that i was right that time and it looks like that wasn't fud. This is actually what is happening in the uk right now.

I'm just reporting on the news here. In the last few days, major banks such as barclays and santander stopped letting their customers move money to binance. They have said that this is to protect their customers, but in truth, i think it's more of a defensive move to protect themselves from the wrath of the fca. They took a few days to digest what the fca have said about finance and their legal teams seem to have come to the same conclusion as mean that the fca doesn't think that binance, the whole of by nasa can legally operate in the uk, and so naturally Banks don't want to process payments to an entity where they expect potential legal issues of some kind in the future.

As it stands, reports that i am seeing are indicating that card withdrawals are also unavailable. I am not sure if this is across the board for everyone, or just some customers in the uk and europe, but from those reports it appears that for many there is no current way of getting money out of binance for customers. You can make deposits using cards, but it appears that you can't withdraw out and if you're based in the uk and europe, this is very serious now. It is still possible to withdraw by moving your crypto out of binance into another crypto platform that is operating properly and legally, and that has the right paperwork and then maybe we're drawing your money out from that platform.

Instead, it's going to be a bit of hassle, but it's probably going to be doable. You probably don't want to be doing that with any crypto that has expensive transfer fees, maybe, but anyway, if you want to get the cash out directly, you are going to have to wait, and here is why this is particularly bad. The maintenance of card withdrawals has been going on for some time and there haven't been any updates. So the likelihood is that they won't go back online soon, although i really hope that they will.

But it is not looking like it and given that the third party who was processing all of the bank withdrawals, has decided not to work with binance clear junction. Binance is now in a bit of a pickle. They will have to find another partner who will want to work with them and remember that payment processes have to be regulated in the uk in europe, and they will know that this has just happened with binance if binance approached them and they will have to decide That they choose to work with binance, despite all of this going after some other company pulled out for legal reasons. So it's a big question: whether any payment processors will actually want to work with binance at all, and even if they do find a company that does decide to work with them.

They'll then need to go and complete. The full agreement involve lawyers and do all of that. Then they have to do the whole tech integration across multiple platforms web different apps on different devices. I expect that, although they are prob very, very agile, this is still going to take some time to rework completely from the ground up with the new payment process and do all the necessary testing.

But the really big question is: will this start a snowball of a type that finance customers don't really want to see with two major banks openly blocking payments to binance? Will more banks join in in the next few days, even if card payments do reappear? Will most of the big card companies in the uk actually block payments to binance themselves anyway? Will any regulated payment processor actually wants to work with a company that is attracting this kind of media attention? These are very big questions and i'm not sure that binance has the answers. Right now, when the fca ruling came out, binance promptly released a statement saying that the ruling doesn't mean anything and is irrelevant in that chain of tweets. They said that the fca uk notice has no direct impact on the services provided on binance.com. They said our relationship with our users has not changed.

It appears that that tweet was not correct at all. As the situation for uk customers has very much changed and not being able to withdraw your money is a very material change at that. It's interesting to note that, as i'm recording, this video binance have not posted anything at all on their twitter. Regarding this issue, choosing to instead promote their binance smart chain just a few minutes ago, people trying to get an answer out of their support team don't seem to be getting any help at all and i'm guessing.

The reason is because binance don't really know what the resolution to the situation will look like and i'm guessing that the volume of the requests is very high. It definitely is not looking good with every week bringing more negative news for finance in the uk and now in europe as well. The most concerning thing here for customers in other countries, not in uk and europe, is whether other regulators are going to follow suit and make similar moves. We've already seen ontario in canada and japan's regulators take some steps, but there is a risk that this will spark and ignite a bigger fire.

I hope that this all gets resolved in a positive way and that everyone gets their money back or can have money back. If they want to that all of this results, because i don't think it will be good if all of binance's customers lose out in any way through this, hopefully there won't be a long wait for the resolution to come as well, although right now it just isn't. Looking very good, i hope you find this useful. Thank you so much for watching.

I really really appreciate it and, as always i'll see you guys later, you.