Binance restores crypto purchases via Visa, MasterCard payments
Binance, the world's largest cryptocurrency exchange, allows its customers to buy cryptocurrencies using Visa and MasterCard.
According to Binance's June 6 X post, it continues to allow cryptocurrency purchases via bank transfers using Visa, MasterCard, and SEPA transfers for “soft transactions.”
On the Binance platform, the “Buy Crypto” options with Visa and MasterCard have been reactivated, with a maximum one-time purchase of up to 5,000 euros, approximately $5,440 for transactions in euros, and up to $20,000 for purchases in US dollars.
Cointelegraph has reached out to Binance for comment.
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Has Binance's card offering been shut down due to regulatory pressure in the first place?
Binance shut down Visa debit card services in the European Economic Area (EEA) on December 20. The Binance Visa Debit Card allows users to convert their Binance accounts into local currency and use crypto to pay for purchases in stores and online. .
The end of Binance Visa card service was announced a day after the exchange returned euro deposits and withdrawals, which had been absent for a month after payment processor Paysafe suspended the exchange.
MasterCard completed its partnership with Binance in Argentina, Brazil, Colombia and Bahrain in September.
The decision comes nearly three months after the United States Securities and Exchange Commission (SEC) filed 13 charges against Binance in June 2023, accusing it of misappropriating customer funds and conducting unregistered securities offerings.
The SEC's action against Binance comes three months after the Commodity Futures Trading Commission (CFTC) also accused Binance of failing to register against it and violating multiple regulations.
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Are Binance's Regulatory Troubles Over?
The reactivation of Mastercard and Visa-based cryptocurrency purchases could be another sign that Binance's regulatory woes are coming to an end, following its presence in the United States.
While there is no evidence of misuse of user funds, Binance has been accused of violating anti-money laundering laws and has reached $4.3 billion to pay the largest criminal fine in history.
As part of the settlement, Binance founder Changpeng Zhao stepped down as CEO of the company.
Zhao, also known as “CZ,” was sentenced to four months in prison by Judge Richard Jones, also known as Zhao “CZ,” in April in the U.S. District Court for the Western District of Washington. He was also ordered to pay a fine of 50 million dollars.
Zhao began serving a four-month sentence in early June at a minimum-security federal prison in Lompoc, California. After his release, he plans to continue his activities in the crypto space.
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