KEY FACT: Following a halt to the service last year, Binance has reinstated crypto buys with Credit/Debit cards. Mastercard, Visa, or SEPA card holders can once again issue payments and deposits in digital assets on the prominent cryptocurrency exchange.
Image source: Binance on X
Binance reinstates Crypto Buys with Credit/Debit Cards
Binance, the world’s largest cryptocurrency exchange, has reinstated crypto buys with credit/debit cards. Cards supported are Mastercard, Visa, and SEPA. This development was announced today in an X post, thus:
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Binance has noted that the reinstated means of purchasing cryptocurrency resumed cryptocurrency purchases via debit and credit cards would allow for “smooth transactions.” The reinstated feature was halted in August 2023 when Mastercard opted to part ways with the cryptocurrency exchange.
At the time of this report, the “buy crypto” options via Credit/Debit card have been reenabled on the Binance platform. The feature provides for a maximum one-time purchase of up to 5,000 euros, worth approximately $5,440 for euro-based transactions, and up to $20,000 for United States dollar-based purchases.
Binance homepage, buy crypto via credit card. Source: Binance
Binance is planning to add more regulated fiat payment providers in the future for more intuitive crypto purchases. According to a Binance spokesperson, Binance is poised to meet compliance standards to afford its users seamless services on its exchange.
“Binance continues to invest heavily to ensure it meets the highest standards of compliance. 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.”
Does this development signal the end of Binance’s regulatory troubles?
The closure of Mastercard and Visa services on Binance came a few months after the United States Securities and Exchange Commission filed 13 charges against Binance in June 2023, accusing the exchange of misappropriating customer funds and conducting unregistered securities offerings.
The SEC’s move against Binance came three months after the Commodity Futures Trading Commission also sued Binance for failing to register with it and for breaking many of its guidelines.
At the end of the legal tussle, no evidence of user fund misappropriation was found, however, Binance was charged with violating Anti-Money Laundering laws and settled to pay one of the largest criminal fines in history - $4.3 billion.
Reinstating credit and debit card-based cryptocurrency purchases could signal that Binance’s regulatory troubles are gradually coming to an end following its settlement in the United States.
Meanwhile, MasterCard is yet to reinstate withdrawal services, which is expected to resume this year.
Muse
- Do you think this development would affect the cryptocurrency markets? If yes, positively or negatively?
- Will the reinstatement of credit and debit card payments in Binance lead to more crypto adoption?
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