Binance Resumes Mastercard Payments for Crypto

MasterCard is understood to be resuming services for payments and deposits in crypto on Binance.

Mastercard withdrawal services have not been resumed as yet but this is expected to happen at a later date.

The Binance-branded Visa card has also resumed functionality on the exchange.

Binance can once again allow Mastercard users to purchase cryptocurrencies on the world’s largest exchange, after the card giant switched off that capability in August of 2023.

As well as allowing payments using Mastercard, Binance-branded Visa card has also resumed functionality on the exchange. Withdrawal services using Mastercard will be resumed at a later date, Binance said.

Last year’s decision by the card networks to part ways with Binance happened around the time the exchange was grappling with legal challenges in the U.S., including multiple charges by the U.S. Securities and Exchange Commission (SEC) and U.S. Commodity Futures Trading Commission (CFTC).

“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,” a Binance spokesperson said via email. “We look forward to adding support for further products, such as withdrawals, at a later date.”

Both Visa and Mastercard are enthusiastic about crypto these days, delivering into the Web3 and self-custody wallet space.

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