Binance on fire in several countries

One bad thing never comes to an end – Binance’s problems, after the Financial Conduct Authority clamped down on the UK exchange, continue to pile up. Indeed, strategic payment partners are beginning to abandon it

, making it significantly more difficult for users of the platform to make withdrawals for fear of having their funds seized. Nevertheless, two payment services giants are showing their support for the exchange platform, despite a potential ban from operating in Italy.

VISA and Mastercard: steadfast partners

VISA and Mastercard have both stated that they are aware of the current regulatory problems facing Binance, and are closely monitoring the situation. For the moment, it is the UK that has banned Binance from operating in its territory

without a licence. But soon, Canada, Japan, Thailand and now Italy may join its ranks. Carte de débit Binance émise par Visa disponible dans de nombreux pays européens, notamment en Allemagne, en France, en Italie et en EspagneBinance debit card issued by VISA, available in Europe – Source: Binance

Until the situation becomes clearer, VISA

and Mastercard have not blocked the use of their cards on Binance. In addition to deposits and withdrawals, Binance offers a VISA debit card. This allows users to pay for purchases from their Binance balance and receive rewards in NBB.

Does Binance offer its services without authorization?

The Italian financial markets regulator, the Commsione Nazionale per le Societa e la Borsa (Consob), stated in a press release

on 15 July that Binance and its subsidiaries were not authorised to operate in Italy:

“Consob warns investors that Binance Group companies are not authorised to provide investment services and activities in Italy, including through the website, whose sections entitled ‘Ds ‘Derivatives’ and ‘Stock Tokens’, relating to crypto-asset related instruments, were previously also written in Italian.»

Italy thus joins the ranks of countries that have issued a public warning regarding Binance. This latest warning comes as Binance faces a class action laws uit from a group of investors. The lawsuit, led by Italian-based law firm Lexia Avvocati, was aimed at redressing damages caused by trading on Binance. Specifically, the plaintiffs allege that the company violated its own rules regarding derivatives.

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Binance is not the only exchange offering its services in the jurisdictions in question. Kraken, and FTX in particular, offer exactly the same services to European and Asian users as Binance. Kraken does not just offer security tokens and FTX does not have a website translated into Italian or French. Yet both exchanges operate without permission in these territories as well.

Fortunately, the world continues to spin for the rest of the crypto ecosystem. The perfect opportunity to take advantage of a limited offer that allows you these days to get up to €300 in cryptocurrencies for free (subject to a minimum deposit of €150)! Take advantage of this offer, while supporting the work of Le Journal du Coin by using this affiliate link to sign up on the Swissborg reference platform (see conditions of the offer on the official website).