Binance Facing Roadblock in Banking Partnership

We recently reported that Binance is making strides to provide access of global banking networks to its users. However, it looks like the process has faced a roadblock now.

A recent statement from the firm revealed that it will be unable to offer banking services as expected. The statement included a number of details, giving hints that the progress of their ongoing partnership with banking institutions might have come to a sudden halt.

The company said in the official statement, “We regret to inform you that we are currently facing challenges on our banking connections and are working on resolving them quickly and with minimum disruption.”

During their partnership negotiations, Binance had stressed its commitment towards ensuring compliant operations along with strengthening its identity verification process. This was done as a part of their efforts to assure banking partners that they would be able to prevent fraud and money laundering.

Despite the sudden hiccups during negotiations, Binance still stands resolute in its mission to bring easy access to global financial services. They have expressed commitment towards resolving these challenges while keeping the user experience intact.