Binance ‘concerns’ UK regulators; exchange getting too big for its boots?
In 2021, Binance made headlines when it was chased out of jurisdiction after jurisdiction in order to comply with local laws. But in 2022, are things changing for the once-targeted exchange?
Crypto giant Binance’s deal with the payment company Paysafe has stirred feathers as a UK-based watchdog and the UK’s Financial Conduct Authority [FCA] expressed their concerns. UK banks such as Santander and Barclays have also taken action to cut access between Binance and their customers. All in all, multiple stakeholders are worried about Binance being able to access UK payment network users and bringing Binance users into that framework.
However, what shocked many was the FCA’s response. A spokesperson reportedly said,
“Our concerns about Binance remain. We received a notification of this business partnership but have limited powers to object to arrangements of this kind.”
Is this a sign that Binance is finally getting too big for its boots?
Both crypto watchers and everyday newsreaders were stunned when the business and finance news company Forbes revealed that Binance had made a $200 million “strategic investment” in its company. Though Binance CEO Changpeng Zhao assured anxious readers that “editorial independence is and will always be sacrosanct,” media experts pointed to the potential conflict of interest.
The latter point is especially telling when one remembers that Binance had sued Forbes in 2020. This was due to an article that accused Binance of trying to “intentionally deceive regulators.”
Taking these facts together, crypto traders and journalists need to more closely follow Binance’s future partnerships, as these could change crypto adoption as a whole.
More importantly, stakeholders need to ask whether individual regulators
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