U.K’s financial regulator, the FCA (Financial Conduct Authority) has shown their concern regarding the crypto exchange Binance getting access to the primary payment networks of the country. They said that they have very little power to stop binance from accessing their payment networks.
On Tuesday Binance took their website to announce that users can now deposit sterling through the Faster Payments. It is a payment network that supervises bank accounts and payments transfers in Britain.
This move-in all possibility will allow the biggest cryptocurrency exchange in the world accessible to more and more customers in Britain. A Binance representative said that it had joined hands with Paysafe, a payment company, to require faster payments.
Last year, the FCA (Financial Conduct Authority) had warned about the potential risk binance might cause to the consumers and ordered it to stop its regulated activities. FCA representative said our uneasiness with binance remains. Said that they received information regarding this business partnership but due to limited powers to object couldn’t oppose the partnership.
Paysafe is very well aware of our concern regarding this partnership and is subject to close the current supervision with our appeal for firms of its size. Said the FCA spokesperson.
The spokesperson also added, we take our regulatory requirements very seriously and follow the industry standards. We have applied careful due diligence of binance to make sure they comply with all the industry standards thoroughly. We did so as we do with all other merchant partners.