Visa and Mastercard Maintain Support for Binance Amid Regulatory Issues

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.