Binance resumes Mastercard purchases for cryptocurrencies

Binance, the biggest cryptocurrency exchange globally, has once again opened the doors for its customers to buy cryptocurrencies using Mastercard.
As per a post on June 6, Binance has resumed cryptocurrency purchases through bank transfers using Mastercard debit and credit cards to ensure seamless transactions.
On the Binance platform, users can now buy crypto via Mastercard with a maximum one-time purchase limit of up to 5,000 euros or around $5,440 for euro transactions, and up to $20,000 for purchases in United States dollars.
The exchange aims to include more regulated fiat payment providers in the future to make buying crypto more user-friendly. A Binance spokesperson shared with Cointelegraph:
Was Binance forced to halt its card services due to regulatory pressures initially? In December 2023, Binance had stopped its Visa debit card services in the European Economic Area (EEA). The card allowed users to convert their crypto in Binance accounts into local currencies for payments online and in stores.
The termination of Binance Visa card services came right after the exchange restored euro deposits and withdrawals, which had been unavailable for a month after Paysafe, the payments processor, cut ties with the exchange.
Mastercard also ended its partnership with Binance in several countries in September, months after the SEC filed charges against Binance for misappropriating customer funds and conducting unregistered securities offerings.
However, with the recent decision to allow Mastercard-based cryptocurrency purchases once again, it seems like Binance’s regulatory issues might be on the mend following the settlement in the United States.
Despite no evidence of misappropriation of user funds, Binance was charged with violating Anti-Money Laundering laws and agreed to pay a record criminal fine of $4.3 billion. As part of the settlement, Binance founder Changpeng Zhao stepped down as CEO.
Zhao was sentenced to four months in prison for money laundering charges related to his crypto exchange, and he began serving his sentence in June at a federal prison in California. Despite this setback, he plans to continue his involvement in the crypto space upon his release.