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.