Share this article
FCA Concerned Over Binance Gaining Access to UK Payment Network: Report
The FCA said that its "concerns about Binance remain," though it has “limited powers to object to arrangements of this kind."
Updated May 11, 2023, 5:55 p.m. Published Feb 16, 2022, 11:07 a.m.
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.
- Binance's regulatory woes in the U.K. began last year when the FCA warned the exchange was not authorized to be operate in the country. Numerous regulators and financial institutions in other countries followed suit with similar warnings in the ensuing weeks and months.
Read more: Binance Hires in UK, Plans to Seek FCA Approval for Launch: Report
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
What to know:
- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
Top Stories
