Crypto giant Binance has reinstated Mastercard as a method of payment for digital assets on its exchange. This comes after a 10 month restriction that prevented its customers from using Mastercard to purchase cryptocurrencies. This change means that users of Mastercard products can once again freely buy digitals assets on the Binance platform.
Initial Ban Sparked By Binance’s Legal Troubles
The restriction came about in August 2023, leaving Binance users unable to use Mastercard in any capacity.
The card services severed ties with Binance around the same time that the exchange was dealing with legal troubles in the US. The aforementioned legal troubles culminated in its founder, Changpeng Zhao (CZ) being sentenced to four months in a California prison.
Binance also paid over $4 billion in various fines for breaking anti-money laundering laws and violating sanctions.
Crypto made easy—buy and sell with ease. 🤌
Use Mastercard, Visa, or SEPA, for bank transfers, and experience smooth transactions!
Try it now 👉🏻 https://t.co/shCZx59fi3 pic.twitter.com/05pzOC3sjh
— Binance (@binance) June 6, 2024
Binance posted on X yesterday (June 6) to say that Mastercard is supported as a payment option on its platform. A Binance spokesperson has spoken via email to confirm that Mastercard has been reinstated as a payment option. They said the decision came after a series of audits by Mastercard of the exchange’s internal processes and infrastructure had been completed successfully.
EXPLORE: Robinhood Strengthens Crypto Division With $200 Million Purchase Of Bitstamp Exchange
Mastercard To Continue Monitoring The Exchange
Following this approval, the cryptocurrency exchange has expressed its anticipation of future developments in product and withdrawal support. In a confirmation report from Mastercard, it was noted that Binance will continue to be evaluated on its controls and procedures. It was also implied that failure to pass future audits could result in penalties to the cryptocurrency platform.
The payment processing giant recently announced the launch of Mastercard Crypto Credential’s first peer-to-peer (P2P) test transaction.
For the first time, crypto exchange users will be able to send and receive crypto using their Mastercard Crypto Credential aliases, instead of the typically long and complex blockchain addresses. This milestone marks the first real-world application of the Mastercard Crypto Credential vision, which was unveiled at Consensus in 2023.
Mastercard Crypto Credential has gone live with its first peer-to-peer transactions! This solution not only replaces complex wallet addresses with user-friendly aliases, but also makes sending #blockchain transactions secure, transparent and accessible.
Learn more:… pic.twitter.com/WgY6aTaQHP— Mastercard News (@MastercardNews) May 29, 2024
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
