Visa and Mastercard are Still Working with Binance Despite Regulatory Concerns
Binance is a crypto exchange working and providing its crypto trading services in many parts of the world. People sign up with the platform for the sake of either buying cryptocurrency or trading it. But there have been regulatory concerns about Binance in the past as the platform is not overseeing necessary details when it comes to crypto trading and is banned from operating in the UK especially. The point of difference that led to the partition of ways was essentially the regulatory oversight on the part of Binance, thus the imminent cutting of ties regarding the UK with Binance.
The concept of the crypto exchanges working without the intervention or help of the conventional financial institutes is not a possibility at the moment because centralized finance is still the word of mouth and pillar of the current global business establishment. To ease on the point finance processing units, Visa and Mastercard are in collaboration with Binance and have been transferring heavy loads of sums for users who wish to do business with Binance and are currently working as the intermediary.
Binance is Facing Regulatory Pressure in Many Countries
Both Visa and Mastercard have come forward to discuss that they are still working with the Binance crypto exchange despite knowing that the exchange has been facing some regulatory challenges recently. Visa says that it is in close correspondence with the Binance exchange over the issues that it is facing, while Mastercard says that it is eager to learn how the exchange will react to these regulatory challenges that it is being confronted with. However, despite all that, the companies have not banished their users from making regular payments to Binance using their digital cards.
Many other banks and payment processing centers have stopped their affiliation and continued support with Binance until further notice. Maybe if Binance sorts out the trouble that it is having with the regulatory bodies, then these parties that have discontinued their sport to Binance might come back. At present, major UK banks and payment processing systems have stopped support of Binance.