In August 2023, Binance users were left unable to use their Mastercard for transactions. Legal issues arose in the US leading to Mastercard severing ties with the popular crypto exchange, Binance. The decision was influenced by regulatory oversight from the U.S. Commodity Futures Trading Commission (CFTC) and SEC.
After a ten-month restriction, Binance has finally lifted the ban on Mastercard transactions, allowing users to once again purchase cryptocurrencies using their cards. The long-awaited change comes after thorough audits of Binance’s internal processes and infrastructure by Mastercard.
Binance X’s official account confirmed the resumption of Mastercard as a payment option, signaling a positive development for the exchange. With Mastercard’s approval, users can now freely make Binance-related purchases on the network, with expectations of further enhancements in product and withdrawal support.
However, the lifting of sanctions comes with conditions, as outlined in Mastercard’s confirmation report. Continuous evaluations of Binance’s improved controls and procedures will determine whether penalties may be reinstated if obligations are not met.
In other news, Mastercard has introduced the first peer-to-peer (P2P) test transaction through Mastercard Crypto Credentials, allowing users more options for exchanging digital assets. Collaborating with top US banks, Mastercard aims to test shared-ledger technology for prompt settlement of tokenized assets.
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