Binance users can now purchase multiple crypto assets, including Shiba Inu (SHIB) and XRP (XRP), using their Mastercard once again.
This became possible after Mastercard reportedly resumed crypto purchases and deposits via its payment network on Binance.
Mastercard Resumes Card Payments on Binance
For the uninitiated, Mastercard halted the service in August 2023, at a time when Binance was under significant regulatory and legal scrutiny worldwide. In particular, the leading exchange faced multiple charges from regulators in the United States, including the SEC and CFTC.
Last year, Binance and its former CEO Changpeng Zhao (CZ) pleaded guilty to violating the U.S. Bank Secrecy Act. Part of the plea agreement includes Binance accepting to pay a fine of over $4 billion, registering with FinCEN, and implementing an effective money laundering program.
With a large chunk of Binance’s regulatory woes resolved, a spokesperson for the exchange claimed that Mastercard has lifted the ban on crypto purchases within the exchange. The spokesperson revealed that Mastercard resumed crypto purchases via its network after an extensive review of certain controls implemented on the exchange.
According to the spokesperson, the exchange will add support for withdrawals through the second-largest payments network in the future.
A Mastercard rep also confirmed the development in a statement. The official stated that the company resumed the service after evaluating the controls implemented on the exchange. Nonetheless, the spokesperson noted that the current status is subject to change based on ongoing assessment.
Mastercard’s Alliance with Crypto Firms
Mastercard has been a pro-crypto company, showing enthusiasm for the nascent asset class in recent times. In March, Mastercard recognized Ripple, a crypto payments company, among the leading companies shaping cross-border remittances in Latin America.
Interestingly, Mastercard took its admiration for Ripple to greater heights by partnering with the company for its central bank digital currency (CBDC) program. In addition to Ripple, Mastercard has also collaborated with top crypto-related companies, including Consensys and Indonesia-based exchange Fasset.