FCA concerned about Binance getting access to Faster Payments
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.
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