Binance has announced the resumption of its payment services through Mastercard and Visa, signaling a potential easing of the crypto exchange’s recent legal challenges. This move comes after a period of restrictions due to Binance’s legal struggles with the SEC and the Commodity Futures Trading Commission (CFTC).
Resumption Announcement
Binance revealed the reinstatement of its crypto payment services via a recent X post, stating, “Use Mastercard, Visa, or SEPA for bank transfers and experience seamless transactions.” The company emphasized the rigorous scrutiny it underwent before regaining support from these financial giants.
A Binance spokesperson commented, “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.”
Previous Restrictions and Legal Battles
Mastercard and Visa had severed their partnerships with Binance amid the exchange’s legal issues with the SEC and CFTC. In August 2023, Mastercard announced it would discontinue its alliance with Binance in Argentina, Brazil, Colombia, and Bahrain. Additionally, in October, Binance had to cancel its Visa debit card program in the European Economic Area (EEA).
New Payment Options and Limits
Following the period of restrictions, Binance has re-enabled the “Buy Crypto” options via Mastercard. This feature allows a 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 spokesperson added, “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.”
Also Read: Binance Founder CZ Begins Prison Term Amid Money Laundering Scandal
Implications for Binance
Mastercard and Visa’s decision to resume their relationship with Binance marks a significant development in the exchange’s efforts to overcome its legal hurdles. This move also highlights Binance’s commitment to implementing enhanced controls and processes to ensure compliance and security. By providing customers with flexible and convenient transaction options, Binance aims to reclaim its position as a leader in the crypto industry.
