Binance News: Global payments firms Visa and MasterCard have pledged to stand in solidarity with the exchange as the Binance exchange continues to weather the storm launched by the regulators.
Binance grapples with regulators
This support of two giants such as Visa and Mastercard, after several Binance partners who chose to leave the exchange, is seen as extremely important for the exchange. Many of Binance’s partners in the UK, including giants such as Barclays Bank and Santander, have terminated their business relations with Binance.
The exchange collaborates with many payment partners to connect with the traditional financial system, including Checkout.com and Clear Junction, which are part of the main payment channels. As regulators continued to put pressure on the listed company, many of these partners began to cut ties with the exchange.
SEPA, BCB Group and Silvergate Bank were among other firms that have cut ties with Binance since the UK FCA claimed it was operating illegally in the country.
Visa and MasterCard backed Binance
The crypto firm continues to evolve its compliance strategy to meet regulatory requirements after the pressures it faces. US multinational financial giants Visa and MasterCard have adopted different strategies to maintain their relationship with the number one crypto exchange.
According to the Financial Times report, Visa is “in dialogue with Binance to monitor developments” as it is aware of ongoing issues with monitors, including the UK’s Financial Conduct Authority (FCA).
On the other hand, MasterCard said, “We continue to monitor this situation, including how exchanges are meeting their regulatory requirements.” said.
Both firms have made clear statements that they have not yet terminated their relationship with Binance, as their customers can continue to send funds to their Binance accounts with their cards.
Previously, Visa has partnered with Binance to offer customers in Europe and elsewhere a Visa-branded debit card that allows crypto spending.