Another Warning Came From The UK For This Stock Exchange: Well, Why?

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The Financial Conduct Authority (FCA), the UK’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 Concerns From FCA

According to the information obtained, Binance, the world’s largest cryptocurrency exchange in terms of transaction volume, signed an agreement with the payment group Paysafe to provide access to the UK network Faster Payment Service, which allows investors and businesses to make fast payments between financial service providers. Therefore, Binance users will now be able to deposit money into their accounts through this service.

According to the report, the FCA expressed its concerns about Binance, although its power to object to such regulations is limited. “Paysafe is aware of our concerns and is subject to close and continuous monitoring, consistent with our approach to companies of its size,” FCA said in a statement. used his words.

“We take our compliance obligations very seriously and work proactively and collaboratively with regulators,” a Binance spokesperson told CoinDesk.

Binance and the UK

Cryptocurrency exchange Binance’s regulatory problems in the UK began last year when the FCA warned that the exchange was not allowed to operate in the country. In the weeks and months that followed, many regulators and financial institutions issued similar warnings.

However, it should be underlined that there is no illegal situation at this point. Although there are warnings against Binance, no restrictive measures have been taken at this point yet.