Financial Conduct Authority (FCA), Binance’s access to the UK payment network expressed his concerns about The concern follows a deal with payments group Paysafe.
Binance, the world’s largest crypto exchange by volume, is a payment firm. Paysafe He said he has reached an agreement with the company and its users can re-deposit pounds using Faster Payment Service. The Financial Conduct Authority, on the other hand, stated that it was unable to answer basic questions about Binance’s structure, adding that its concerns about the crypto exchange continued.
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Binance’s access to UK payment network under discussion
Paysafe-Binance agreement FCA added that it was concerned after the revelations, but could not intervene. A spokesperson for the FCA said, “We have received notice of this partnership, but we have limited powers to object to such arrangements. Paysafe is aware of our concerns and is always closely monitored.” The explanation has arrived.
The concern came after the FCA posted a consumer warning about Binance on its website, stating that the platform was operating in the UK without proper permissions. Last summer, the FCA limited its access to Faster Payments after it requested Binance to cease operations in the UK. barclays, Santander and HSBC Banking giants such as Binance have blocked UK customers from trading cryptocurrencies on Binance.
But Binance is trying to boost its reputation in the UK. Known as “CZ” by colleagues and fans Binance CEO Changpeng Zhaostated that they have fixed their relationship with the regulator since it was censored by the FCA. He said the company hopes to become a registered crypto-asset firm within 6 to 18 months and plans to apply for an FCA license.
Also, after Binance received a $200 million investment last week, the business magazine Share from Forbes acquired. A Binance spokesperson said, “We take our compliance obligations very seriously and work closely with regulators.” he said.
You can share your views on these concerns regarding Binance’s access to the UK payment network in the comments section and on the SDN Forum.