Binance statement from Visa and Mastercard officials

The world’s largest payment companies Visa and Mastercard have made statements about the regulatory moves around Binance. Both companies stated that they are aware of the situation and continue to monitor developments.

While the shadow of regulation circulating around Binance started to increase in many countries, especially the UK, the last statement came from the Italian regulation institution CONSOB. “Binance is not authorized in Italy,” the statement said.

Payment giants VISA and Mastercard are the two important companies that contributed to the spread of Binance, which is shown as the world’s largest stock exchange and has taken very important regulatory steps especially in the USA. Both companies continue to work with Binance despite all the regulatory tightening.

“We are aware, we are watching”

Speaking to the Financial Times, the well-established British media institution, the responsible persons of the two companies said that they are aware of the attitude towards Binance and that they continue to monitor the processes. “We are aware of FCA’s latest statement regarding Binance. We are watching the process. “We are in constant contact with Binance about developments.”

While Mastercard also stated that it followed the process like VISA, it was stated that “We closely follow all developments, including how the exchanges fulfill their regulatory requirements.”

Binance has a VISA card, a Mastercard agreement was made

As it is known, Binance exchange also has a VISA debit card issued for its customers. Binance users who have this card can spend with crypto money in their wallets in all businesses in the world where VISA is valid. Cryptocurrency in the account is instantly converted to fiat money and transferred to the business account in this way. VISA also has a debit card from the Coinbase exchange.

Mastercard has also agreed with the US-based exchange Gemini on a debit card that earns Bitcoin as you spend. This card is expected to be released soon.

Binance doubles its regulatory team

Changpeng Zhao, the famous CEO of Binance, also recently published an article after all these developments and stated that the regulations would be much better for the industry. Stating that they are considering doubling the number of employees of the team that will deal with the regulations, CZ said, “We want to double our team by the end of the year. We have grown so fast and we may not have had the opportunity to do things just right, but we are also learning and improving ourselves every day.”

SEE ALSO; Italian regulation agency: Binance does not have permission

Share this article

Leave a Reply

Your email address will not be published. Required fields are marked *