FCA Concerned Over Binance Gaining Access to UK Payment Network: Report
The FCA said that its "concerns about Binance remain," though it has “limited powers to object to arrangements of this kind."
Feb 16, 2022 at 11:07 a.m. UTCUpdated May 11, 2023 at 5:55 p.m. UTC
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The Financial Conduct Authority (FCA), U.K's financial regulator, has expressed concern over crypto exchange Binance gaining access to the country's primary payments network, the Financial Times reported on Wednesday.
- Binance has secured a deal with payments group Paysafe to gain access to the Faster Payment Service, the U.K. network that allows consumers and businesses to make fast payments between financial services providers.
- Users of the world's largest crypto exchange will now be able to deposit funds in their account via this service.
- The FCA said that its "concerns about Binance remain," though it has “limited powers to object to arrangements of this kind," according to the report.
- “Paysafe is aware of our concerns and is subject to close ongoing supervision consistent with our approach for firms of its size," the FCA added.
- “We take our compliance obligations very seriously and work proactively and collaboratively with regulators,” a Binance spokesperson told CoinDesk.
- Binance's regulatory woes in the U.K. began last year when the FCA warned the exchange was not authorized to be operate in the country. Numerous regulators and financial institutions in other countries followed suit with similar warnings in the ensuing weeks and months.
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Jamie Crawley is a CoinDesk news reporter based in London.