Visa and Mastercard Maintain Support for Binance Amid Regulatory Issues

2 weeks ago

Visa and Mastercard customers will still be able to operate with Binance, despite the ongoing regulatory scrutiny against the popular exchange.

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Although numerous banking organizations have restricted their users from interacting with Binance, Visa and Mastercard have reaffirmed their belief in the world’s largest crypto exchange.

  • With the growth of its services and popularity, Binance attracted regulatory scrutiny from various global watchdogs, as CryptoPotato explained recently.

  • While the exchange’s attempts to enhance its compliance requirements continue with the employment of new personnel, some financial organizations have halted doing business with it.

  • Those include a few European giants like Barclays and Santander. However, the US multinational financial services behemoths, Visa and Mastercard, have a more favorable approach.

  • According to a Financial Times report, Visa is in a “dialogue with Binance to monitor developments” as the company is aware of the ongoing issues with watchdogs, including the UK’s Financial Conduct Authority (FCA).

  • On the other hand, Mastercard noted, “we continue to monitor this situation, including how the exchanges fulfill their regulatory requirements.”

  • As of now, though, neither firm plans to stop their customers from sending funds to their Binance accounts with their cards.

  • Additionally, the exchange has an ongoing partnership with Visa as it launched a Visa-branded debit card available to customers from many of the countries where the scrutiny is coming from. However, the US-based financial company explained that it wouldn’t stop supporting it.

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