FCA Concerned Over Binance Gaining Access to UK Payment Network: Report

The FCA said that its "concerns about Binance remain," though it has “limited powers to object to arrangements of this kind."

AccessTimeIconFeb 16, 2022 at 11:07 a.m. UTC
Updated May 11, 2023 at 5:55 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The Financial Conduct Authority (FCA), U.K's financial regulator, has expressed concern over crypto exchange Binance gaining access to the country's primary payments network, the Financial Times reported on Wednesday.

  • Binance has secured a deal with payments group Paysafe to gain access to the Faster Payment Service, the U.K. network that allows consumers and businesses to make fast payments between financial services providers.
  • Users of the world's largest crypto exchange will now be able to deposit funds in their account via this service.
  • The FCA said that its "concerns about Binance remain," though it has “limited powers to object to arrangements of this kind," according to the report.
  • “Paysafe is aware of our concerns and is subject to close ongoing supervision consistent with our approach for firms of its size," the FCA added.
  • “We take our compliance obligations very seriously and work proactively and collaboratively with regulators,” a Binance spokesperson told CoinDesk.
  • Binance's regulatory woes in the U.K. began last year when the FCA warned the exchange was not authorized to be operate in the country. Numerous regulators and financial institutions in other countries followed suit with similar warnings in the ensuing weeks and months.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in Bullish Group as part of their compensation.

Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.