Visa and Mastercard will not give up working with Binance due to regulators

Payment systems will work with the largest cryptocurrency exchange by trading volume, despite the attentionworld regulators to the site.

The largest payment systems Visa and Mastercard will continue to cooperate with the cryptocurrency exchange Binance, despite the attention of global regulators to the site, reports the Financial Times.

According to the publication, Visa is aware ofwarning from the British regulator (FCA) that Binance cannot provide services in the UK due to the lack of an appropriate license. Mastercard representatives noted that they are monitoring how Binance complies with regulatory requirements. Due to the FCA warning, two banks have already suspended operations with crypto exchanges - Barclays and Santander UK.

15 July Italian Commission on Companies andexchanges (CONSOB) warned Binance Group that the company cannot provide investment services and operate in the country. As a result of the attention of global regulators to Binance, an investigation against the site began in Thailand, Singapore and the Cayman Islands.

In May, it became known that the MinistryJustice and the US Internal Revenue Service have initiated an investigation against the Binance crypto exchange. State authorities conduct inspections for violations in the field of combating money laundering and tax legislation. So far, no charges have been brought against the site.

In March 2021, Binance became a figurantinvestigations by the CFTC of the United States. The regulator studied the work of the company for the admission of American residents to trade in crypto derivatives in the absence of an appropriate license.

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