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Binance deal with Paysafe worries UK financial institution

Binance deal with Paysafe worries UK financial institution

The Financial Conduct Commission (FCA), the UK’s top financial authority, has raised concerns about Binance’s recent partnership with retailer Paysafe.

Binance’s latest partnership provides access to a comprehensive retail payment network through Foster Payment Services, an important service that cites regulatory concerns over cryptocurrency transactions. The FCA ordered Binance to suspend all of its services in June. Major banks such as Barclays withdrew their support for the transaction, resulting in the suspension of banking services.

Binance was able to offer Sterling deposits back to its customers and then resumed single euro payments area transactions on 26 January. Collaboration With Paysafe. This became a matter of concern to the Financial Monitoring Committee, which considered the money transfer to be a “significant risk”. However, the financial regulator did not say much about this type of partnership. Information Financial Times.

“Paysafe is aware of our concerns and is constantly monitored for compliance with our approach to companies of this size. We will not comment further,” the FCA said.

The cryptocurrency exchange said the FCA was working with post-announcements to make it a harmonious exchange in the country. Binance and Paysafe did not respond to Cointelegraph’s requests for comment during the release.

Binance’s 2021 regulatory issue began in the UK, where regulators issued several compliance notices against cryptocurrency exchanges, following which an injunction was issued. This was followed by similar regulatory announcements from Hong Kong, Thailand, the Cayman Islands, Japan and other countries. The cryptocurrency exchange company was able to repair its relationship with several Asian countries by the end of this year.

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Regulatory frameworks for cryptocurrencies in the UK have not yet been finalized, but cryptocurrency trading has not been banned. However, the lack of a clear framework makes cryptocurrency companies trust regulatory guidelines, which change from time to time. The current regulatory debate in the UK revolves around decentralized financial equity and lending. However, the country’s lawmakers are divided; Some want to make the UK a cryptocurrency hub, while others continue to argue against it.

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