Binance announced a partnership with Paysafe that once again gives it access to the U.K. payments network, having lost it after the Financial Conduct Authority booted the exchange out in June.
U.K. Chancellor Rishi Sunak noted that digital currency assets allow new ways to transact and invest, although he also emphasized the need to balance this innovation with investor protections.
2021 has been a troubled year for Binance: it was blocked by many major banks in the U.K., booted out of several countries, and accused of market manipulation and insider trading.
Months after the Financial Conduct Authority shut down BInance over its illegal operations in the U.K, CEO Changpeng Zhao says the company is now in advanced stages to obtain licensing in the country.
The Kleiman v Wright trial is now on its final stretch in Florida, and the fate of over $65 billion Satoshi Bitcoins lies with the jury who are set to reach their verdict on Monday.
The U.K. regulator has issued a tender offer for a firm that can provide “a platform that can support the robust and efficient analysis of cryptoasset blockchain data.”
The concerns were raised via a speech by chairman Charles Randell, who stated that FCA should be given more teeth to regulate on advertisements that had overstepped the mark.
The drastic move comes as a result of the U.K.’s financial regulator, the Financial Conduct Authority, issuing a notice that Binance is not permitted to operate in the country.
Digital currency businesses looking to operate in the United Kingdom are reportedly finding the licensing terms set out by the Financial Conduct Authority to be too challenging.
Binance came under regulatory fire on three continents in the space of a single weekend, another sign that the enforcement walls are rapidly closing in on the troubled cryptocurrency exchange.
The U.K. financial watchdog has issued a warning against more than 100 digital currency companies that it says have been operating in the country without the required licensing.
The Financial Conduct Authority is extending the period in which it will allow digital currency companies to operate even if they are not officially approved to offer their services.
