Visa’s latest co-operation with Coinbase for a UK crypto card will allow customers to “spend funds from your cryptocurrency wallets” anywhere Visa is accepted. The card’s spending limit starts at a whopping £10,000 a month, rising to £20,000 for customers who meet certain criteria.
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Cryptocurrency Visa card could open a back door for dirty money
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This invites the question of how Coinbase was able to satisfy anti-money laundering and “know-your-customer” regulations. The regulatory environment around crypto has been evolving, and some wallet providers and exchanges now operate with official blessing under specially-devised compliance rules. But most still exist in regulatory vacuums, and criminals who are technically sophisticated can operate wallets without any oversight at all.
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