June 9, 2024
Latest Cryptocurrency News

Binance Resumes Crypto Purchases via Visa and Mastercard

Binance, the world’s largest cryptocurrency exchange, has reenabled the option for customers to purchase cryptocurrencies using Visa and Mastercard. The announcement, made on June 6 through a post on X, marks the restoration of bank transfers using Visa, Mastercard, and SEPA for seamless transactions.

Revival of Purchase Options

Customers on the Binance platform can now use Visa and Mastercard to make one-time purchases of up to 5,000 euros (approximately $5,440) for euro-based transactions and up to $20,000 for U.S. dollar-based purchases.

This development follows a tumultuous period for Binance, which had ceased Visa debit card services in the European Economic Area (EEA) on December 20. The Binance Visa debit card, known for converting crypto in users’ accounts to local currencies, allowed users to make purchases both in-store and online with their crypto holdings.

Binance homepage, buy crypto via credit card. Source: Binance

A Turning Point Amid Regulatory Challenges

The resumption of these services comes after a series of regulatory challenges for Binance. In September, Mastercard ended its partnership with Binance in Argentina, Brazil, Colombia, and Bahrain.

This followed the United States Securities and Exchange Commission (SEC) filing 13 charges against Binance in June 2023. These included allegations of misappropriating customer funds and conducting unregistered securities offerings.

Prior to the SEC charges, the Commodity Futures Trading Commission (CFTC) had also sued Binance for not registering and violating its guidelines.

Despite no evidence of user fund misappropriation, Binance faced significant legal consequences. These culminated in a $4.3 billion fine for violating Anti-Money Laundering laws. Binance founder Changpeng Zhao, also known as “CZ,” stepped down from his CEO role and began serving a four-month prison sentence for money laundering-related charges.

Looking Ahead

The reintroduction of Visa and Mastercard-based purchases could signify a turning point for Binance, suggesting that its regulatory troubles might be subsiding.

As Binance continues to navigate the regulatory landscape, the exchange’s efforts to restore full service capabilities indicate a commitment to maintaining its position in the global cryptocurrency market. Zhao is currently serving his sentence in Lompoc, California. He is expected to return to the crypto space following his release, poised to continue his influential role in the industry.

Image from Wallpapers.com

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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