Visa and Mastercard Continue Partnership with Binance

by in Cryptocurrency News

Binance Visa Mastercard

Major payment companies Visa and Mastercard told Financial Times that clients will be able to access operations with Binance in spite of the current regulatory issues that the company faces.

Related: Binance replied to Barclays decision to ban withdrawals

After various countries targeted Binance, some banks and payments firms have stopped working with the platform. This includes two big British banks, Barclays and Santander. The institutions have disallowed sending funds to Binance through their payment cards. The news came after the UK's FCA banned the crypto platform from delivering operations in the country.

However, two of the world's largest credit card systems: Visa and MasterCard continue to deliver services connected with Binance.

The Visa team said they are aware of the FCA's decision and that Visa and Binance are communicating to monitor developments.

Mastercard’s view is similar. The team said they continue to follow how exchanges fulfill their regulatory requirements. Both firms will continue to provide their clients the option of using payment cards on Binance.com. The service will continue in the UK as well.

In 2020 Binance launched a payment card with Visa through which clients can use funds from cryptocurrency wallets at retailers.

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Binance CEO CZ said in an open letter that the firm intends to localize activities to "comply with local regulations.” For this purpose, it expands its compliance team.