Users of the Binance crypto exchange can once again acquire crypto on the platform using Mastercard. This service had been suspended amid the regulatory difficulties experienced by Binance last year.
Mastercard back on Binance
The compliance efforts of Binance are beginning to bear fruit. Indeed, the world’s largest crypto exchange has announced the resumption of cryptocurrency purchases on its platform via Mastercard. Although the withdrawal service via Mastercard has not yet been reactivated, customers of Binance can already buy crypto with their bank cards.
Mastercard ended its partnership with Binance in Argentina, Brazil, Colombia and Bahrain last September. Three months later, Binance’s card-based crypto services were discontinued in the European Economic Area. Coincidence or coincidence: these suspensions came at a time when Binance was accused by the American SEC and Commodity Futures Trading Commission (CFTC) misappropriation of customer funds and unregistered securities offerings.
A crowning achievement of Binance’s compliance efforts
All the evidence suggests that it was the aforementioned regulatory troubles that scared Mastercard away. However, Binance’s compliance efforts have prompted Mastercard to reconsider its initial position. At least, that’s what a Mastercard official told our coindesk colleagues.
Over the past few months, we have been reviewing the improved controls and processes that Binance has put in place. Based on these efforts, we have decided to authorize Binance-related purchases on our network.
Mastercard spokesperson
However, the Mastercard spokesperson pointed out that Binance’s current status depends on ongoing reviews. Potential regulatory troubles could therefore reset current progress and result in Mastercard’s withdrawal from the Binance platform.
The reintroduction of cryptocurrency purchases via Mastercard on Binance is a sign that the platform’s regulatory problems are behind it. It’s a crowning achievement for CZ, who agreed to resign from Binance, to pay heavy fines and go to jail to protect his platform.
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.
