Posted 10 months ago | by Ben Armstrong
Binance Partners with Clear Junction to Enable Bank Transfers via SEPA and FPS
Leading cryptocurrency exchange Binance recently launched a UK platform in order to expand its services in Europe. Clear Junction will help with payment solutions. The exchange has added direct fund transfers by using SEPA for euro and Faster Payments for British pounds.
Binance Goes Bigger!
According to a recent announcement, Binance has partnered with Clear Junction, a British provider of payment infrastructure services, to support for direct bank transfers via Single Euro Payments Area (SEPA) and the British pound sterling by adding bank transfers via the Faster Payments Service (FPS).
Binance users must complete identity and address verification to benefit from SEPA and FPS.
“Users can enjoy fast, inexpensive direct deposits and withdrawals of EUR and GBP to and from their Binance account via their bank accounts.”
With both transfer methods, Binance has created daily deposit and withdrawal limits.
New Ways to Move Value
SEPA is powered by the European Banking Industry and allows fast, reliable, and cheap Euro (EUR) transfers between bank accounts in the SEPA-zone.
It is powered by the European Commission and the European Central Bank. SEPA daily and monthly limits are €50,000 and €500,000, respectively. The limit per transaction starts at €20 and may be as high as €15,000.
Each SEPA deposit or withdrawal costs €1.50.
FPS is one of the most advanced systems in the world that reduces payment times. As Binance disclosed, the daily limit for deposits and withdrawals is £50,000. The monthly limit is £500,000. Limit per transaction ranges from £20 to £15,000, with a fee of £1.95.
More Tools from Binance
Recently, the crypto exchange giant has joined the crypto-asset exchange committee at the Internet and Mobile Association of India (IAMAI), a leading trade body of digital businesses in India, to support developing blockchain industry in this country.
Currently, Binance is focusing on expanding its service in Europe by launching its UK platform.
The exchange is planning to introduce the UK platform to retail and institutional investors in the near future.
The new platform is authorized by UK Financial Conduct Authority (FCA). Binance UK will support 65 digital assets and allow users to buy and sell these assets through their bank accounts using direct transfers.
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