In August 2023, Binance users were no longer able to utilize Mastercard.
Binance was plagued by legal troubles in the US when the card giant decided to cut ties.
Crypto Exchange Binance, has removed a restriction that had been in place for 10 months that prevented users from using Mastercard to buy cryptocurrencies. With this change, Mastercard holders may freely buy digital assets using their cards.
In August 2023, Binance users were no longer able to utilize Mastercard. Binance was plagued by legal troubles in the US when the card giant decided to cut ties with them. U.S. Commodity Futures Trading Commission (CFTC) and SEC regulatory oversight was another element in the decision-making process.
Possibility of Reinstituting Penalties
A post on Binance X’s account states that the exchange supported Mastercard as a payment option. Following a series of audits by Mastercard of the exchange’s internal processes and infrastructure, a spokesperson from Binance has confirmed the resumption.
Now that it has been approved, purchases relating to Binance may be made on its network. The cryptocurrency exchange has expressed its anticipation of future developments in product and withdrawal support.
The conditionality of the sanction’s lifting was also stressed in a confirmation report from Mastercard. In other words, it’s based on continuous evaluations of Binance’s improved controls and procedures. Implicitly implied is the possibility of reinstituting penalties in the event that the exchange does not fulfill its obligations.
The payment processing behemoth recently announced the launch of Mastercard Crypto Credential’s first peer-to-peer (P2P) test transaction. Users now have another option for exchanging digital assets thanks to this solution. In order to test shared-ledger technology, the worldwide card giant has teamed up with a few prestigious US banks. Encouraging the prompt settlement of tokenized assets is the end goal.
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