Visa and Mastercard stick with Binance while fast tracking goes up

Visa and Mastercard have abandoned open channels between Binance and the financial system even in the face of cryptocurrency exchange transactions that have led some banks and small payroll companies to sever ties.

Barclays Stadiums and Santander – two of the largest lenders in the UK – in recent weeks stopped their customers from sending money to Binance via their payment cards, citing a consumer warning issued last month by the Financial Conduct Authority against Binance.

Some of the payers have gone backwards, which makes it harder for customers to transfer money and go exchanges with the Cayman Islands. But continuing to acquire two of the world’s largest credit card systems – especially through payment companies – means that Binance could offer its customers an easy way to exchange common currency exchanges, and ensure its strong and durable network.

Visa told the Financial Times that he was “aware of FCA’s recent statements about Binance” and that it was “in talks with Binance to clarify the situation”. Mastercard said “we are continuing to monitor this, including how these changes meet their needs”.

No company is banning consumers, including UK ones, from using payment cards on Binance.com, a major Binance exchange.

Binance also offers a Visa credit card credit card to its customers who allow them to spend money from their crypto wallets on daily transactions by turning digital assets into regular currency.

The Binance card is available in most European countries including Germany, France, Italy and Spain, according to the club’s website. It is provided by Contis, a Visa-affiliated group and provides funding to the EU through an e-currency license from a major bank in Lithuania. Contis declined to comment on his relationship with Binance.

Binance maintained that he was taking “his responsibilities very legally”.

Bridges in exchange for cultural values ​​grew in interest after a number of regulators around the world downgraded the company. A UK finance minister said Binance was not allowed to run the cryptoasset business in the country, while other authorities warned that the group was not controlled by financial regulators. Thailand sued Binance for operating in Southeast Asia without permission.

Italian security chief Consob joined the chor Thursday, states that “Binance Group ‘companies are not allowed to provide funds and services in Italy, even through the website www.binance.com”.

Binance uses well-known financial systems through payers such as Checkout.com and Clear Junction, which connect directly or indirectly to large pay networks.

Some of these relationships have begun to weaken when the group has been criticized his system To avoid wasting money, terrorist and fraudulent money on the platform.

Clear Junction, which was Europe’s most important paying partner for Binance, said Monday it would “no longer fund the company”. The group gave Binance the opportunity to travel to Sepa, a European payment system that allows euro transfers between thirteen countries, and Faster Payments, a UK-based brokerage that facilitates a smooth transition between highway banks.

Clear Junction’s decision to discontinue providing Binance services was prompted by a warning from FCA’s consumer, Dima Kats, head of London, told the Financial Times. BCB Group, another UK payment company that specializes in the crypto industry, also terminated their relationship with Binance earlier this year, according to someone familiar with the matter. Binance declined to comment.

As of Thursday, customers are not able to issue or place euros or sterling through Faster Payments or Sepa. Binance said it is “working as fast as we can to make the paid service available to our users”.

Changpeng Zhao, Binance’s chief executive, wrote in an opening letter last week that the company “has grown very fast and has not always been good”. But he pledged to take action to rectify this, including doubling the number of staff by the end of the year and establishing new skills and improvements.

He also said that the group “has already started revisiting foreign currency”.

Adam Samson can be reached adam.samson@ft.com or on Telegalamu @adamsamsonFT.