Binance, the world’s largest cryptocurrency exchange, has resumed Mastercard payments for cryptocurrency purchases, marking a significant development in the cryptocurrency payment landscape. Mastercard withdrawal services are not yet available but are expected to resume at a later date.
This move comes after Mastercard discontinued cryptocurrency-related services on Binance in August 2023. This decision comes at the same time that Binance is facing legal challenges in the United States, including regulatory investigations by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (SEC). CFTC).
After a thorough review of Binance’s controls and processes, Mastercard has decided to restore Binance-related purchases on its network. A Binance spokesperson highlighted the extensive measures the exchange has implemented and expressed optimism about adding support for additional products, such as withdrawals, in the future.
Mastercard confirmed the restoration of service but emphasized that ongoing reviews will determine whether Binance-related transactions will continue on its network. This cautious approach highlights the importance of maintaining strong compliance measures in the cryptocurrency ecosystem.
Both Visa and Mastercard have shown enthusiasm for the cryptocurrency sector and have ventured into Web3 and self-custodial wallet solutions. The resumption of Mastercard payments on Binance reflects a broader trend of traditional financial institutions embracing the opportunities presented by cryptocurrency and blockchain technology.
Featured Image: Freepik
Please see disclaimer