Binance lost access to its sterling payment network in July; however, a partnership with Paysafe has opened the door to limited services, Lopexbit reports.
The Financial Conduct Authority (FCA), the United Kingdom’s top financial authority, has expressed concern about Binance’s recent partnership with Paysafe, a retail payment processor.
The U.K. financial watchdog said the latest partnership with Binance gives it access to an extensive retail payments network through Faster Payment Services, a critical service that has been discontinued for the crypto-exchange due to regulatory concerns. The FCA ordered Binance to halt all of its services in June. Prominent banks such as Barclays stopped supporting the exchange, leading to the suspension of banking services.
Binance was able to once again facilitate its consumers deposits in pounds sterling and reopened transfers in the Single Euro Payment Area on January 26 after a partnership with Paysafe. This was a cause for concern for the financial watchdog, which deemed the exchange a “significant risk.” However, the financial regulator also said it had little to say about these kinds of partnerships, the Financial Times reported.
“Paysafe is aware of our concerns and is closely monitored on an ongoing basis in line with our approach to companies of this size. We cannot comment further,” the FCA noted.