[Binance resumes using Mastercard for Shiba Inu and XRP payments]
MasterCard has reinstated cryptocurrency buying and deposit services on the Binance platform. The service was previously suspended in August 2023, at a time when Binance was facing significant regulatory and legal scrutiny globally, notably allegations from the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Last year, Binance and its former CEO Changpeng Zhao (CZ) admitted to violating the U.S. Bank Secrecy Act. As part of the plea agreement, Binance agreed to pay more than $4 billion in fines, register with the Financial Crimes Enforcement Network (FinCEN), and implement an effective anti-money laundering program.
MasterCard has lifted its ban on cryptocurrency purchases on the exchange as Binance’s major regulatory issues are resolved. A spokesperson for Binance revealed that MasterCard has reinstated cryptocurrency purchases through its network following an in-depth review of certain controls implemented by the exchange. In the future, Binance will also add withdrawal support to the second largest payment network.
A MasterCard representative also confirmed the development in a statement, saying the company had restored services after evaluating the controls implemented by the exchange. However, the spokesperson noted that the current status may change based on ongoing evaluation.
MasterCard has always been supportive of cryptocurrencies and has recently shown strong interest in the emerging asset class. In March, MasterCard named crypto payments company Ripple as one of the leading companies shaping cross-border remittances in Latin America. MasterCard is furthering its appreciation for Ripple by partnering on its central bank digital currency (CBDC) initiative. In addition to Ripple, MasterCard has partnered with top crypto-related companies including Consensys and Indonesian exchange Fasset.
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