Binance Welcomes Mastercard Back: Crypto Purchases Now Unlocked!

Mastercard is resuming its payment services on Binance crypto exchange platform. Users can now make crypto purchases, albeit without the option for Mastercard withdrawals, which are anticipated to be available at a later date.

Mastercard’s decision to resume its services comes after a period of cessation due to regulatory challenges faced by Binance. Since August 2023, Mastercard payment services had been unavailable on the exchange. However, the relationship between Binance and Mastercard has now been reestablished, with Mastercard agreeing to allow Binance-related purchases on its network.

A Binance spokesperson mentioned that Mastercard’s decision followed a thorough review of the Binance’s commitment to compliance. Mastercard reportedly deemed Binance’s processes and controls satisfactory, leading to the acceptance of crypto-related purchases. While currently limited to purchases, Binance plans to expand its Mastercard services to include withdrawals in the future.

Mastercard confirmed the resumption of services to Coindesk, emphasizing that ongoing reviews will determine the continuation of Binance-related purchases on its network. This development underscores the growing acceptance of cryptocurrency by traditional financial institutions, offering broader access to crypto assets for Mastercard credit card users.

Amid regulatory challenges, Binance has faced hurdles to achieve compliance. In November 2023, the exchange announced a resolution with U.S. regulators, recognizing its commitment to compliance and signaling a new chapter in its transformation. Additionally, Canadian regulators imposed a $4.8 million fine on Binance following money laundering allegations, leading the exchange to exit Canada due to regulatory concerns surrounding stablecoins.