FCA says it has limited powers to object to Paysafe deal despite concerns about cryptocurrency platform

The City watchdog has raised concerns about a deal to give the cryptocurrency platform Binance access to the UK payments network just months after it ordered the company to stop all regulated activities in Britain.

The Financial Conduct Authority said it had limited powers to object to the arrangement with Paysafe, a London-based payments provider, despite its concerns about Binance offering complex and high-risk investments to consumers.

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