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News

Binance Mastercard Payment Services For Crypto Now Resumed Support

June 6, 2024 - Around 2 mins mins to read

Key Points:

  • Binance MasterCard payment services have resumed functionality for cryptocurrency transactions on Binance after a suspension in August 2023.
  • Binance and its card partners are optimistic about future collaborations, aiming to expand into Web3 and self-custody wallets.
According to CoinDesk, Binance Mastercard payment services have resumed after suspension in August 2023.
Binance Mastercard Payment Services For Crypto Now Resumed Support

Binance MasterCard Payment Services Have Resumed

The move allows Binance users to once again purchase cryptocurrencies using MasterCard. Additionally, the Binance-branded Visa card has also resumed its functionality on the exchange.

Previously, Binance had confirmed that Visa would stop issuing co-branded cards with Binance in Europe starting July 2023. The Binance Visa card program, which launched in September 2020, was part of the initial collaboration between the two companies. Meanwhile, MasterCard had also announced it would completely end its card partnership with Binance from August 2023, though the reasons for these moves were not disclosed.

The decision to halt Binance Mastercard payment services last year came amidst significant legal challenges for the exchange in the U.S., including multiple charges from the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC). These legal battles led to both Visa and MasterCard distancing themselves from Binance at the time.

Binance Strengthens Partnerships with Major Card Networks

A spokesperson from Binance told CoinDesk: “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.”

Despite these past challenges, both Visa and MasterCard remain very attentive to the cryptocurrency space, exploring ventures into Web3 and self-custody wallets. Binance’s renewed partnerships with these financial giants indicate the exchange’s ongoing efforts to cooperate with partners and expand its business operations.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Binance Mastercard Payment

CFTC

SEC

Visa

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Binance Mastercard Payment Services For Crypto Now Resumed Support

Key Points:

  • Binance MasterCard payment services have resumed functionality for cryptocurrency transactions on Binance after a suspension in August 2023.
  • Binance and its card partners are optimistic about future collaborations, aiming to expand into Web3 and self-custody wallets.
According to CoinDesk, Binance Mastercard payment services have resumed after suspension in August 2023.
Binance Mastercard Payment Services For Crypto Now Resumed Support

Binance MasterCard Payment Services Have Resumed

The move allows Binance users to once again purchase cryptocurrencies using MasterCard. Additionally, the Binance-branded Visa card has also resumed its functionality on the exchange.

Previously, Binance had confirmed that Visa would stop issuing co-branded cards with Binance in Europe starting July 2023. The Binance Visa card program, which launched in September 2020, was part of the initial collaboration between the two companies. Meanwhile, MasterCard had also announced it would completely end its card partnership with Binance from August 2023, though the reasons for these moves were not disclosed.

The decision to halt Binance Mastercard payment services last year came amidst significant legal challenges for the exchange in the U.S., including multiple charges from the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC). These legal battles led to both Visa and MasterCard distancing themselves from Binance at the time.

Binance Strengthens Partnerships with Major Card Networks

A spokesperson from Binance told CoinDesk: “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.”

Despite these past challenges, both Visa and MasterCard remain very attentive to the cryptocurrency space, exploring ventures into Web3 and self-custody wallets. Binance’s renewed partnerships with these financial giants indicate the exchange’s ongoing efforts to cooperate with partners and expand its business operations.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.