The financial services companies, Visa and Mastercard, continue to work regularly with the bitcoin (BTC) exchange and cryptocurrencies Binance. Both companies make it clear that the restrictions that the exchange suffers in the UK and other jurisdictions, do not affect the service that these payment companies provide.
As reported by the Financial Times, Visa is aware of the notifications the British financial watchdog, the FCA, has made to Binance. In addition, they will ensure to be in dialogue with the exchange to keep the situation under control
For its part, Mastercard indicates, according to the same source, that closely follow Binance’s efforts to comply with regulatory requirements: “we continue to monitor this situation, including the platform’s compliance with its obligations to regulators.”
Neither of the two major international payment companies has seen the possibility of prevent your customers from sending money to their Binance accounts with their cards. The Binance Card, which is a prepaid Visa card that the exchange offers to its users in some jurisdictions, is also not affected in any way.
Binance carries the weight of regulations in the UK
It is worth recalling that, in mid-June 2021, the financial control body in the United Kingdom, the Financial Conduct Authority (or FCA) restricted some Binance activities (for example, trading cryptocurrency derivatives) in that country, as CriptoNoticias reviewed.
Binance isn’t just having trouble trading in the UK. Restrictions were also added earlier this month in countries Singapore, Japan and Malaysia, as well as more recently the Cayman Islands and Thailand and Italy.
Faced with this adverse situation, Binance affirms that it will comply with the laws of each country. One example of this is the recent announcement that it will comply with the Financial Action Task Force (FATF) recommendation on the travel rule. This regulation requires you to inform other exchanges about your users ‘ transactions with cryptocurrencies, if they exceed a certain amount.