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It appears that Mastercard has restarted crypto payments and deposit services on Binance. Mastercard withdrawal services have not yet restarted, but this is expected to happen at a later date.
Binance, the world’s largest crypto exchange, will again allow Mastercard users to purchase cryptocurrencies. The card giant stopped this ability in August 2023. The card networks’ decision to part ways with Binance last year came at a time when the exchange was struggling with legal challenges in the US and was facing multiple accusations from the US Securities and Exchange Commission (SEC) and the US Commodity Futures Trading Commission (CFTC).
“After a comprehensive review of the rigorous controls and processes Binance has in place, Mastercard has made the decision to allow Binance-related purchases,” a Binance spokesperson said in an emailed statement. “We look forward to adding support for other products, such as shooting, at a later date.”
Mastercard confirmed that service had resumed, but added a caveat. “Over the past several months, we have reviewed the enhanced controls and processes Binance has in place,” a Mastercard spokesperson told CoinDesk. “Based on these efforts, we have made the decision to allow Binance-related purchases on our network.” “This is subject to ongoing investigations.”
Visa and Mastercard are continuing their interest in crypto, recently increasing their interest in Web3 and the self-custody wallet space.
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