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.
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