- Binance reinstates crypto payment services via Mastercard and Visa.
- Mastercard and Visa resume partnerships after Binance’s legal challenges with SEC and CFTC.
- “Buy Crypto” option re-enabled with limits of 5,000 euros and $20,000 for transactions.
Binance has declared the restoration of its cryptocurrency payment options via Mastercard and Visa. This announcement was made in a recent post on X by Binance, with the message, “Use Mastercard, Visa, or SEPA for bank transfers and experience seamless transactions!”
A representative from Binance offered insights, highlighting the extensive evaluation the platform has undergone in the past months. The spokesperson emphasized:
“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.”
It’s important to remember that Mastercard and Visa had previously ended their collaborations with Binance due to the exchange’s legal issues with the SEC and the Commodity Futures Trading Commission (CFTC). In August 2023, Mastercard ended its partnership with Binance in several countries, including Argentina, Brazil, Colombia, and Bahrain. Following this, in October, Binance was forced to terminate its Visa debit card program in the European Economic Area (EEA).
After a period of limitations, Binance has once again activated the “Buy Crypto” feature for Mastercard users. This functionality permits a single transaction limit of up to 5,000 euros (about $5,440) for transactions in euros and up to $20,000 for those in U.S. dollars. The spokesperson for Binance remarked:
“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.”
The re-establishment of partnerships with Mastercard and Visa indicates a possible relaxation of Binance’s legal pressures. This move reflects Binance’s efforts to regain its prominence in the cryptocurrency sector by offering its users versatile and convenient transaction methods.
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