Following Mastercard’s August 2023 shutdown of this feature, Binance is now able to enable users of its cards to make cryptocurrency purchases on the biggest exchange globally. Around the same time that Binance was facing legal issues in the United States, including many charges from the U.S. Securities and Exchange Commission (SEC) and U.S. Commodity Futures Trading Commission (CFTC), the card networks decided to split their relationship with Binance last year.
“An email from a Binance representative stated that Mastercard decided to permit Binance-related transactions on its network after a thorough examination of the stringent controls and procedures that Binance implemented.” “We anticipate providing support for additional products in the future, like withdrawals.”. Mastercard issued a warning despite confirming that service has been restored.
We have examined the improved procedures and controls that Binance has implemented over the last few months. We have chosen to permit purchases connected to Binance on our network as a result of those efforts,” a Mastercard representative stated. “This status is contingent on ongoing reviews.”
These days, Visa and Mastercard are both passionate about cryptocurrencies and have entered the Web3 and self-custody wallet markets.