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Binance Partnership

The Financial Conduct Authority (FCA), UK’s top market supervisor is reportedly concerned about a recent deal between leading cryptocurrency exchange Binance and payment network Paysafe.

Binance Back In The UK Market

Financial Times reported on Wednesday that Changpeng Zhao’s Binance has reached an agreement with a major payment portal in the UK called Paysafe. The partnership will allow investors to deposit Pounds Sterling to the exchange directly from their bank accounts.

Also, the deal will allow Binance users to leverage transaction facilities offered by a key British payment service dubbed Faster Payment. In addition, the move marks the return of CZ’s crypto exchange in the UK’s financial system.

Following the news, the FCA has expressed doubts about Binance’s regulatory compliance. There has been a rift between both two parties since 2021 when the market supervisor ordered the world’s largest crypto exchange to stop all its regulated activity with immediate effect.

UK FCA

Furthermore, UK’s top watchdog made an announcement warning investors in the country to avoid using products and services offered by Binance, tagging the exchange as a risk to customers.

The FCA has also informed Paysafe of its reservations regarding CZ’s company and reminded the payment portal to comply with established regulatory policies. Also, the regulator added that although it does not have the legal might to stop the partnership, close supervision of compliance practices should be expected.

Britain is one of several jurisdictions where Binance has been accused of breaking regulations. In addition to failing to comply with know-your-customer (KYC) checks, anti-money laundering (AML) rules, and financial licensing legislature.

Market regulators in countries like Malta and Japan as well as jurisdictions such as Hong Kong, have reportedly warned Binance to cease operations. This is after failing to receive official approval to offer its services to investors.

New $250 Million Cryptocurrency Investment Fund

In other news, crypto investment and digital asset firm Castle Island Ventures has announced its latest fund aimed at investing in crypto startups. The announcement marks the third fund the company has launched since its inception in 2018.

According to reports, Castle Island Venture first launched a $30 million fund geared towards investing in blockchain-powered outfits building solutions focused on bitcoin. Afterward in 2021, another fund worth $50 million was revealed for startups developing decentralized finance (DeFi) tools and stablecoin infrastructure.

Now in 2022, the digital currency investment outfit has launched its so-called Castle Island Ventures III fund. It is worth a staggering $250 million. Crypto companies developing disruptive technology across financial services, internet architecture for web3, and monetary networks will be targetted by the fund, per reports.

Also, two Fidelity alumni head the early-stage venture capital firm – Matt Walsh and Nic Carter. Castle Island Venture also recently expanded its team with the promotion of Ria Bhutoria. Previously, Ria served as director of research at Fidelity investment.

The announcement signals another milestone as more institutional investors look to splash the cash on blockchain startups. Venture capitalist Andreessen Horowitz revealed a massive $2.2 billion crypto fund in 2021.

Also, a CNBC report showed that VCs injected over $4 billion into the blockchain industry in the Q2 of 2021

Binance Partnership Post

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