Cryptocurrency exchange Binance restored the ability for its users to purchase digital assets through bank accounts using Mastercard and Visa debit and credit cards.
Binance, the world’s largest crypto exchange, announced that the function of buying cryptocurrencies using Mastercard and Visa credit and debit cards is once again available on the platform.
On June 6, Binance reintroduced the “buy cryptocurrency” option with the ability to select payment via Visa/Mastercard. The maximum amount of a single purchase shouldn’t exceed €5,000 or $20,000. The exchange plans to connect to payment processing and other regulated providers to simplify buying digital assets for fiat funds.
In August 2023, Visa and Mastercard ended their partnership with Binance, and at the end of December, the crypto exchange stopped supporting Visa card services for all customers in the European Economic Area (EEA). After that, the “buy cryptocurrency” function using debit and credit cards on the platform became unavailable.
The payment giants decided to end the partnership with Binance due to regulatory uncertainty regarding the charges faced by the exchange in the United States. In June 2023, the U.S. Securities and Exchange Commission (SEC) filed 13 charges against Binance, including misuse of customer funds and violation of securities laws.
The resumption of crypto purchases via Mastercard and Visa may signal that payment providers consider Binance’s regulatory problems resolved. As part of a settlement, Binance agreed to pay fines totaling about $4.3 billion, and its founder Changpeng Zhao stepped down as CEO, was sentenced to four months in prison, and fined $50 million.
