Financial services companies, Visa and Mastercard, continue to work regularly with the exchange bitcoin (BTC) and cryptocurrencies Binance. Both companies make it clear that the restrictions that the exchange house undergoes in the United Kingdom and other jurisdictions, do not affect the service provided by these payment companies.
As reported by the Financial Times newspaper, Visa is aware of the notifications made to Binance by the British financial watchdog, the FCA. In addition, they will ensure that they are in dialogue with the exchange to keep the situation under control.
For its part, Mastercard indicates, according to the same source, that closely follows Binance’s efforts to comply with regulatory requirements: “We continue to monitor this situation, including compliance by the platform with its obligations to regulators.”
Neither of the two large international payment companies has ever raised 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 drags the weight of regulations in the UK
It is worth remembering 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, the trading of cryptocurrency derivatives) in that country, as reported by CriptoNoticias.
Binance is not just having trouble operating in the UK. Restrictions were also added at the beginning of 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 abide by 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.