The regulator’s concern was first reported by the Financial Times. The spokesperson added that Paysafe was “aware of our concerns” about Binance, and said the payments provider was “subject to close ongoing supervision consistent with our approach for firms of its size”. We received a notification of this business partnership but have limited powers to object to arrangements of this kind.”

However, the deal opens up the potential for Binance users to deposit sterling via Paysafe through the Faster Payments Service, the network for sending money between bank accounts operated by Pay.UK, which owns the system.Īn FCA spokesperson said: “Our concerns about Binance remain. Some of the UK’s largest high street banks, including Santander and Barclays, also took action, barring customers from sending money to the exchange. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users, and features an unmatched portfolio of crypto products and offerings, including: trading and finance, education, data and research, social good, investment and incubation, decentralisation and infrastructure solutions, and more.The FCA had ordered Binance to stop all UK regulated activity last June over worries about weak consumer protections, amid a wider crackdown on the cryptocurrency industry’s potential role in fraud and money laundering. About Binanceīinance is the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Payments Innovation Forum supports and champions innovation in payments by promoting the highest possible standards of compliance, advocating for our members on important policy matters, improving the perception of new and existing payment services and facilitating the exchange of knowledge and experience to drive performance across the industry. Our benefactor members share this commitment at the highest level and we are proud to welcome Binance to the group.”, said Diane Brocklebank, Executive Director at Payments Innovation Forum. PIF is dedicated to promoting a safe, fair, transparent, and innovative payments industry, and we depend on our membership to fund that work.

“We are very pleased to welcome Binance as our newest Benefactor member. We are looking forward to incorporating the expertise and experience that PIF brings to the table and to our business”, said Jonathan Farnell, Head of UK at Binance. “We are delighted to join PIF to collaborate with some of the industry’s top companies to advocate for payments innovation in the UK. With a strong record as an industry advocate, PIF represents its members at a regulator level and with a voice to the media. Together, this group of industry experts and stakeholders collaborate to advocate for balanced policy and regulatory governance, promoting the highest possible standards of compliance and educating stakeholders on the economic and societal benefits of regulated e-money and payment services.

We thank PIF for appointing Jonathan Farnell to the PIF Board of Directors, alongside representatives from B4B Payments, Keystone Law, Mastercard, Blackhawk Network, Banking Circle, Global Processing Services, Bowsprit International, Paysafe, Contis, and Edgar & Dunn & Company.Īs a global leader in the digital asset industry, Binance is committed to working with policymakers to educate and support the development of informed and effective governance models which promote the overall growth of the blockchain ecosystem. Binance UK is excited to be the newest benefactor member of Payments Innovation Forum (PIF), a not-for-profit body representing regulated payment service providers in the UK.

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