Binance to leave UK regulators shaken and stirred with this move

ambcrypto.com:

Binance is making headlines again, but not thanks to its usual regulatory woes. The crypto exchange giant announced the launch of Bifinity, a payment tech company, and Binance’s “official fiat-to-crypto payments provider.”

This admittedly looks like a standard industry update, but in reality, the new company is a huge litmus test for the controversial crypto exchange – and those struggling to regulate it.

Bifinity is meant to support more than 50 cryptos, as well as Visa and Mastercard, for payments. What’s more, to explore the Web 3.0 payments market, Binance announced its partnership with the UK-based Paysafe. In its official release, Binance stated,

“Additionally, Paysafe will provide Bifinity with a deep regulatory know-how of fiat-to-crypto payments and an embedded finance solution that acts as a white label digital wallet.”

The crypto exchange also revealed that Binance and Paysafe would “fully reopen EUR and GBP deposits and withdrawals” through the SEPA payment network and Faster Payment Services. With the crypto exchange reaching its hand deeper into the fiat market, watchdogs are getting worried. 

If Paysafe sounds familiar to you, then you’ve been keeping up with the news. Binance’s deal with the company set the UK’s Financial Conduct Authority [FCA] on edge, as the regulator worried about the exchange giant being able to access UK payment networks and data.

However, the FCA’s response left critics reeling. A spokesperson was quoted as saying,

“Our concerns about Binance remain. We received a notification of this business partnership but have limited powers to object to arrangements of this kind.”

In short, if the Binance x Bifinity x Paysafe project goes ahead smoothly, it will be a stunning victory for Binance and a