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Oct 7, 2023 • 4 tweets • 1 min read
#Binance's strange UK odyssey
💠It bought an FCA-authorised firm in 2020 to gain that firm's permissions
💠FCA said the permissions didn't automatically go to Binance (but they did in practice)
💠In 2023 the FCA said it had cancelled Binance's UK permissions
💠Binance had hired a former top FCA regulator in 2020 to aid its application for authorisation
💠She quit in 2022
💠In May 2021 the FCA issued a consumer warning, saying no Binance entity could legally do business in the UK
💠But its permissions stayed for two more years? 🤔
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Feb 16, 2022 • 14 tweets • 7 min read
#Binance today regained access to the UK's Faster @FasterPayments system, which enables 24/7 real-time sterling payments of up to £1m. Binance is using UK-based electronic money institution Paysafe, for its faster payments access
ft.com/content/40b557…
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According to @joshckoliver of the @FT, Paysafe will have control of anti-money laundering (#AML) and compliance checks for Binance customers. Paysafe says Binance will be responsible for collecting the information Paysafe needs to run those checks.
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May 17, 2021 • 13 tweets • 4 min read
Thread: #Tether releases more information on its reserves: in a blog post today, Tether general counsel Stuart Hoegner disclosed details of the #stablecoin's reserve' allocation, long a topic of controversy. The most important details are as follows: stuarthoegner.medium.com/tether-is-sett…
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According to Hoegner, the 'vast majority' of the commercial paper (CP) Tether holds is in 'A-2 and above' rated issuers. We learned last week that 49% of Tether's reserves were in CP at end-March. A-2 is mid-ranking CP by quality
