- Binance has announced the resumption of its payment services through Mastercard and Visa.
- The new move comes after a period of restrictions following Binance’s legal struggles with the SEC and CFTC.
- Mastercard states that its decision to resume its alliance with Binance is the result of severe scrutiny of the exchange.
Binance has announced the reinstatement of crypto payment services through Mastercard and Visa. Binance revealed this decision via a recent X post, stating, “Use Mastercard, Visa, or SEPA for bank transfers and experience seamless transactions!”
A Binance spokesperson shared insights into the rigorous scrutiny the platform underwent in recent months. The spokesperson asserted:
“Over the past several months, we have reviewed the enhanced controls and processes that Binance has put into place. It is based on those efforts that we have decided to allow Binance-related purchases on our network.”
It is to be noted that Mastercard and Visa had severed their partnerships with Binance amid the exchange’s legal battles with the SEC and the Commodity Futures Trading Commission (CFTC). Back in August 2023, Mastercard announced its decision to discontinue its alliance with Binance in Argentina, Brazil, Colombia, and Bahrain. In October, Binance had to cancel its Visa debit card program in the European Economic Area (EEA).
Following a period of restrictions, Binance has re-enabled the “Buy Crypto” options via Mastercard. The feature allows a maximum one-time purchase of up to 5,000 euros (approximately $5,440) for euro-based transactions and up to $20,000 for U.S. dollar-based purchases. The Binance spokesperson commented:
“Following an extensive review of the rigorous controls and processes that Binance put into place, Mastercard made the decision to allow Binance-related purchases on its network. We look forward to adding support for further products, such as withdrawals, at a later date.”
Mastercard and Visa’s decision to resume their relationship with the crypto exchange signals a potential easing of Binance’s legal challenges. This demonstrates Binance’s initiative to reclaim its position as a leader in the crypto industry, providing customers with flexible and convenient transaction options.
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