Financial regulator of Great Britain (FCA) expressed concern about the fact that the cryptocurrency exchange Binance gained access to the main payment network of the country. This was reported by the Financial Times.
Binance struck a deal with payments group Paysafe to gain access to Britain’s Faster Payment Service network, which allows customers and businesses to make quick payments between financial service providers.
Users of the world’s largest cryptocurrency exchange will now be able to deposit funds into their accounts through this service.
According to the article, the regulator said it still had concerns about Binance. However, the FCA has very “limited authority to object to this type of arrangement.”
“Paysafe is aware of our concerns and is under close ongoing scrutiny,” the FCA added.
Binance’s regulatory problems in the U.K. began last year when the FCA warned the company that the exchange was ineligible to operate in the country.