UK Binance's partnership with cryptocurrency exchanges

 UK regulator says Binance's partnership with payments network is a concern,

LONDON (Reuters) - Britain's financial watchdog said on Wednesday it did not have sufficient powers to block Binance from accessing a key UK payments network despite its concerns about cryptocurrency exchanges. Binance said on its website on Tuesday that users can deposit British pounds through Faster Payments, a network that oversees UK payments and transfers to bank accounts. The move could give the world's largest cryptocurrency exchange access to more British customers. A Binance spokesperson said it has partnered with payments company Paysafe to access Faster Payments. The Financial Conduct Authority (FCA) warned last year that Binance posed a significant risk to consumers, ordering it to cease regulated activities. "Our concerns about Binance remain," an FCA spokesman said. "We have been notified of this business partnership but have limited powers to object to this arrangement."

"Paysafe understands our concerns and is subject to close and ongoing monitoring in line with our approach to a company of its size." The U.K. Treasury is due later this year to propose how to oversee the so far largely unregulated cryptocurrency industry. In response to a Reuters question about the FCA’s concerns, a Binance spokesperson said it took a “constructive and collaborative approach” to discussions with regulators. Paysafe said it was "impressed by Binance's commitment to growing into a growing and mature business." It said it "takes very seriously" its regulatory obligations and has "understood Binance thoroughly." due diligence to ensure they also meet these high standards, as we do with all our business partners." "We closely monitor the activities of all businesses we work with and any suspicious activity will be reported to the relevant authorities as a priority," it said. Pay.UK, which owns Faster Payments, did not immediately respond to a request for comment. Pay.UK told Reuters last year that it had rules for Faster Payments members but had no "legal or regulatory" powers to enforce them.