Visa and Mastercard stop cooperation with Binance crypto exchange
Mastercard and Visa have decided to suspend their cooperation with Binance, a major cryptocurrency exchange that is facing problems due to international regulations. Companies obviously want to distance themselves from cryptocurrency markets.
This was reported by Bloomberg.
Starting in July, Viza stopped issuing new joint cards with Binance in Europe. Mastercard will also terminate all partnerships with Binance in September. The reasons for the decisions of both companies remain unknown.
Binance has faced criticism from financial regulators in various countries, especially after several scandals last year. In particular, the US accuses Binance of violating several financial regulations.
These restrictions were a big blow to Binance’s attempts to integrate into the traditional financial system. Earlier this year, Binance has already lost access to banking services in the US and Australia.
Binance has also suspended its service that allowed companies to accept payments in cryptocurrency via Visa and Mastercard.
It is known that changes from Mastercard will affect Binance’s cooperation in several Latin American countries and Bahrain. According to Binance, this will affect only a small part of their users.
As a reminder, the US Securities and Exchange Commission (SEC), the main regulator of Wall Street, has accused the world’s largest crypto exchange Binance and its CEO Changpeng Zhao of violating securities trading rules.
