Visa and Mastercard acknowledge Binance partnership amid regulatory woes
Despite Binance’s ongoing struggle with regulators, Visa and Mastercard have acknowledged their support and willingness to maintain their transaction channels with the crypto exchange platform.
Speaking with the Financial Times, both payment giants disclosed that customers can still use their payment cards on Binance. However, they are closely monitoring the situation.
Visa stated that it was “aware of the recent FCA statement regarding Binance” and was in a “dialogue with Binance to monitor developments.” Similarly, Mastercard is watching to see how the exchange fulfills its regulatory requirements.
Other banks and financial services companies have responded differently to the increasing regulatory scrutiny on Binance. For instance, British banking titans, Barclays and Santander, have halted debit and credit card payments to the Binance “until further notice.”
The continued alliance between Binance and the payment processing giants will to an extent ensure that the exchange retains a significant portion of its customer base.
Visa, in particular, shows no signs of slowing down. The firm offers a branded debit card that allows customers to fund their accounts from their crypto wallets. Cryptocurrency transactions have also formed a significant portion of the company’s transactions. As reported by BTC PEERS, Visa customers reportedly spent over $1 billion on crypto-related transactions in the first half of the year.