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Visa, MasterCard stand in solidarity with embattled Binance exchange

Changpeng Zhao

TL;DR Breakdown

  • Visa, MasterCard says they won’t cut ties with Binance
  • MasterCard adopts wait and see approach on Binance debacle

As Binance Exchange continues to wither the storm in the face of several regulators after it, global payment firms Visa and MasterCard have pledged to stand in solidarity with the exchange.

This is in the wake of several other partners of Binance exchange choosing to disassociate themselves with the exchange. Several partners of Binance in the UK have terminated their working relationship with Binance, including giants Barclays Bank and Santander, among many others.

The exchange relies on many payment partners to connect with the traditional financial system, including Checkout.com and Clear Junction — both of which are a part of major payment channels themselves. Many of those partners started cutting ties with the exchange as regulators continue to come clampdown on the exchange firm.

SEPA, BCB Group, and Silvergate Bank are other firms to have cut ties with Binance since the UK FCA alleged it was operating illegally in the country.

The crypto firm has also continued to improve its compliance strategy to meet the requirements of regulators in the wake of multiple crackdowns it faces.

Binance exchange: Visa, MasterCard remain loyal

Both US multinational financial giants have adopted different strategies to keep their relationship with the number one crypto exchange.

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 said, “we continue to monitor this situation, including how the exchanges fulfill their regulatory requirements.”

Both firms were clear that they are not stopping their relationship with Binance Exchange yet as their customers would be able to keep sending funds to their Binance accounts with their cards.

Earlier, Visa has partnered with Binance to offers a Visa-branded debit card allowing crypto spending to customers located in Europe and other places.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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