While many banking institutions have banned Binance from their user’s interactions, Visa and Mastercard are still open to Binance transactions.
Binance has been gaining attention from regulators around the world due to its growing popularity and services. Although the stock markets are still working hard to meet compliance (by hiring new staff), many financial institutions have stopped doing trade with them.
According to the Financial Times, Visa conducts talks and monitors Binance’s development. Because the company is aware that there are ongoing problems with regulators including the UK Financial Conduct Authority.
Visa and Mastercard have faith in Binance
Santander, Barclays, and Santander are two examples of European giants. Visa and Mastercard, two of the world’s largest financial services giants, are more open to this approach.
Mastercard stated that:
we continue to monitor this situation, including how exchanges meet their regulatory requirements.
However, so far, none of these companies have announced plans to prevent customers from using their cards to send funds to Binance accounts. The exchange also has an ongoing partnership relationship with Visa. Binance launched a Visa debit card. Customers can get it in all countries that receive checks. The US financial company has stated that it will continue to provide support.