Binance temporarily suspends SEPA euros bank transfers - Binance, the world's largest cryptocurrency exchange, has announced that it temporarily suspends euro transfers through the Single Euro Payments Area (SEPA). He communicated this to his clients with an email that is echoed in the Financial Times.

The elimination of this possibility has occurred since 8: 00 am on Wednesday, July 7, 2021. The company did not argue its decision, but simply pointed out that it was due to “events beyond our control”. Everything indicates that the measure is motivated by increasing regulatory repression. In fact, it comes only 2 days after Barclays reported restricting payments to Binance.

It makes perfect sense to think that the fact that Binance stops allowing SEPA payments is closely linked to the warning issued on 26 June 2021 by the Financial Control Authority of the United Kingdom (FCA). In a statement, this body made it clear that Binance Markets Limited (which is part of the Binance Group) cannot conduct any type of regulated activity in the United Kingdom.

Binance temporarily suspends SEPA euros bank transfers

The company, they emphasize, has not been granted any permission to operate in the territory, unless it receives, in advance, the written consent of the FCA. The reason for this warning, they point out, is that the Binance Group was "offering a number of products and services through binance.com"”

Binance temporarily suspends SEPA euros bank transfers: The entity asks users to beware of ads that promise high returns by investing in crypto assets or cryptocurrency-related products. Most of the companies that advertise them, they stress, “are not authorized by the FCA. Therefore, if they invest they will not have recourse to the Financial Ombudsman or the Financial Services Compensation Scheme."

Binance temporarily suspends SEPA euros bank transfers

They emphasize that they do not regulate virtual currencies such as bitcoin or ether, but they do regulate derivatives such as futures contracts, Contracts for Differences (CFDs) or options. Finally, they recommend consulting your registry to know if the company through which you are thinking of investing has the required permission.

The UK is not the only government that is trying to curb the activities of the cryptocurrency exchange Binance. As noted in the Financial Times, Japan also recently warned that Japanese citizens were conducting unauthorized operations with this company.

Thailand has also initiated a criminal investigation into Binance and from the Cayman Islands, where the crypto asset platform also operates, they have claimed that they are not licensed to do crypto business in their jurisdiction.

Binance temporarily suspends SEPA euros bank transfers

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Viajes El Corte Inglés rules out extending the current ERTE and negotiates applying a new one from September 1

In the process of merging with Logitravel, Viajes El Corte Inglés announces that it is negotiating with the unions the application of a new ERTE for 4,000 employees of its staff from next September 1.

Viajes El Corte Inglés (VECI) and the Logitravel Group signed a pre-merger agreement 2 months ago. Currently, the former have 4,000 employees in ERTE until August 31, and the latter have laid off 40% of its workforce.

According to the newspaper La Información, Viajes El Corte Inglés has already informed the unions of the opening of the negotiation period to apply a new Temporary Employment Regulation (ERTE) File when the one currently in force ends. Company sources have confirmed to EFE that the new ERTE will only affect the Travel division of El Corte Inglés.

The new ERTE of Viajes El Corte Inglés would be launched from next September 1. The company committed last year to keep its workforce jobs until February 28, 2022, and has conveyed to the unions its intention not to push any termination process until that time.

There are currently 4,000 workers in ERTE, as of the nearly 4,800 jobs suspended in September 2020, 800 returned to their respective jobs at the end of the state of alarm.

Union sources consulted by the newspaper Cinco Días reveal that Viajes El Corte Inglés wants to sign this new long-term ERTE to reduce advantages of the previous one, such as voluntary leave to work in other companies of the parent company, 100% of the transport plus or the maintenance of employment for 6 months. The unions also warn that the company could be anticipating the possible tightening of the conditions of the ERTE from next September 30.

The intention of the travel agency to apply a new file comes just one week after announcing the merger with Logitravel to create a group with more than 500 points of sale, 3,500 million euros of turnover and a staff of 5,000 people. The operation is still pending approval by the National Commission for Markets and Competition (CNMC).

The current ERTE was raised for economic, technical, organizational or production reasons (ETOP). As for the next one, for the moment it is unknown the modality and the number of employees that will be included in the employment regulation file.

This is the second time that the El Corte Inglés travel board has decided to modify an ERTE instead of extending it: the previous time was in September 2020, when the agreed conditions changed after the outbreak of the pandemic.