Binance, the world’s largest cryptocurrency exchange, has regained the ability to facilitate Mastercard payments for crypto purchases, following months of suspension. The move comes after Mastercard extensively reviewed the exchange’s enhanced controls and processes, deeming them satisfactory to allow Binance-related purchases on its network.
According to a Binance spokesperson, the exchange looks forward to adding support for further products, such as withdrawals, at a later date. However, Mastercard clarified that the restoration of service is contingent on ongoing reviews, indicating the need for Binance to maintain rigorous compliance measures.
The resumption of Mastercard payments for crypto purchases on Binance marks a significant milestone for the exchange, as it regains access to a crucial payment channel for its customers. Both Mastercard and Visa have shown enthusiasm for the crypto and Web3 spaces, delivering into self-custody wallets and exploring various blockchain-based solutions, suggesting a strengthening relationship between traditional financial institutions and the crypto industry.
