Mastercard plans to increase its cryptocurrency payment card programme by establishing more partnerships with cryptocurrency companies, despite the industry’s increased scrutiny from banks and regulators.

The company’s head of crypto and blockchain, Raj Dhamodharan, said that Mastercard has already collaborated with crypto exchanges such as Nexo, Gemini, and Binance to offer payment cards linked to cryptocurrency in some countries.

Binance cards allow users to pay with traditional currencies, funded by their cryptocurrency holdings on the exchange. Dhamodharan stated that Mastercard has several partners globally who provide crypto card programmes that continue to expand. Mastercard aims to provide safe access to cryptocurrency as part of its value proposition.

Banks are becoming cautious of crypto clients after the collapse of several large crypto firms last year, including FTX. Moreover, U.S. regulators are increasingly cracking down on what they perceive as a lack of compliance in the market.

While some banks, like Santander and NatWest, limit the amount of money UK customers can transfer to cryptocurrency exchanges, Mastercard’s card programmes go through full due diligence and are continuously monitored, according to Dhamodharan. He did not comment on Binance’s lawsuit, but he emphasised that any card programme undergoes full due diligence.