The British financial regulator FCA has expressed concerns about the partnership between market-leading crypto exchange Binance and payment service provider Paysafe.
As the British regulator complains, the partnership gives Binance access to the influential British payment network Faster Payments Service (FPS), from which the crypto exchange was previously cut off. Last June, the FCA ordered Binance to stop all business activities in Great Britain. As a result, prominent banks such as Barclays have terminated their cooperation with the leading crypto trading platform .
Through the cooperation with Paysafe, Binance can now again offer deposits in British pounds sterling and transactions within the European Payments Area (SEPA). However, this fact is a thorn in the side of the FCA, as it classifies the crypto exchange as a “considerable risk factor”. However, the financial regulator sees little room for maneuver to counteract this, as the Financial Times reports .
“ Paysafe understands our concerns and is subject to our close scrutiny for companies of this size. Otherwise, we cannot make any further comments on the matter,” as the FCA explains in this context.
The crypto exchange, meanwhile, emphasizes that it is working closely with the FCA to get a UK license. Paysafe responded to Cointelegraph about the regulatory concerns as follows:
“ We take our regulatory obligations very seriously and cooperate according to the highest standards in the industry. As part of our due diligence process, we have conducted extensive due diligence on the cooperation with Binance to ensure it meets our high standards.”
The trouble with the British FCA started for Binance last year when the authority first issued several warnings about the trading platform before ultimately requesting its closure. In Hong Kong, Thailand , Japan and many other countries, the crypto exchange is now feeling a similarly stiff breeze. In Asia, the platform has at least been able to allay many of the concerns of the supervisory authorities.
So far, there is no uniform crypto regulation in the United Kingdom (UK). Trading in cryptocurrencies is therefore not yet prohibited. Crypto companies follow the guidelines of the supervisory authorities, which change again and again at regular intervals. Topics such as decentralized financial services (DeFi), crypto lending and staking are currently coming to the fore in the political discussion about crypto currencies. Politicians on the island are divided, however, with some wanting the UK to be the major center for crypto , while others are opposed .
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