Mastercard is set to resume services for payments and deposits in cryptocurrency on Binance.
Mastercard: A Return To The Bullish Market
Last year, due to legal challenges Binance had with the U.S Securities and Exchange Commission (SEC) and U.S. Commodity Futures Trading Commission (CFTC), payment giants began showing reluctance towards cryptocurrencies by severing ties with the exchange.
Among many others, Visa and Mastercard had to decide between profit and the potential legal costs and damage to their reputation, leading them to suspend their cards supported by Binance.
Visa and Mastercard, after thoroughly examining the stringent controls and procedures implemented by Binance, two digital payment systems have now turned their attention back to what they were before shutting out the exchange.
They have chosen to allow purchases related to Binance on their networks. As stated by a Binance spokesperson in an email. “We are excited about the prospect of including support for additional services, such as withdrawals, at a later time.”
Mastercard confirmed the service is back but with a catch. In a conversation with CoinDesk, Mastercard Spokesperson said that though it will allow Binance purchases on its platform, it will keep reviewing its enhanced controls.
In recent times, the duo of Visa and Mastercard are now warming up to cryptocurrencies. At the moment, they are now offering Web3 and self-custody-related solutions.
Binance and Its Many Troubles
Binance has indeed found itself tangled in a web of legal issues recently. Several regulatory authorities around the world have expressed concerns about its operations, leading to investigations and legal challenges for the platform.
Amid the ongoing controversies involving Binance executives and its founding founders facing prison sentences, the exchange garnered attention recently after being fined $4.4 million for compliance shortcomings in Canada. As though that is not enough, the exchange had to take action recently against unregulated stablecoins to comply with MiCA regulations.
Nevertheless, Binance has shown that there is a silver lining in its troubles by playing a significant role in recovering funds from a suspected rug pull.
Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of Crypto-Vanguard’s content as such. Crypto-Vanguard does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.