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FCA concerned about Binance getting access to Faster Payments

FCA concerned about Binance getting access to Faster Payments

The Financial Conduct Authority has expressed concern about a deal to give crytpo exchange Binance access to the the UK's Faster Payment Service, but says it has "limited powers" to object.

Last year, Binance lost access to Faster Payments after the FCA ordered it to stop regulated activities in the UK.

However, the crypto giant has now inked a deal with US-listed Paysafe to restore access, meaning that its users can deposit sterling via the system.

The FCA has told the Financial Times that its concerns about Binance remain but that it has “limited powers to object to arrangements of this kind”.

Adds the regulator: “Paysafe is aware of our concerns and is subject to close ongoing supervision consistent with our approach for firms of its size."

Firms based outside the UK can generally serve Brits without FCA oversight, says the FT.

Binance has gotten into hot water with regulators across the world concerned about its money laundering controls, prompting a vow from the firm to centralise its business structure to address concerns about a lack of systemic transparency.

Comments: (1)

Kris Vlas
Kris Vlas - http://TradeSanta.com - Boston 17 February, 2022, 11:52Be the first to give this comment the thumbs up 0 likes

There was a decent reuters's investigation into Binance. It details how it witheld info from regulators, kept weak money-laundering checks and acted against its compliance dept's recommendations.