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 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.