Binance Resumes Crypto Purchases via Visa and Mastercard Amid Regulatory Challenges
Summary:
Binance, the major cryptocurrency exchange, has resumed the provision for customers to buy crypto using Visa and Mastercard, capping purchases at 5,000 euro for euro-based transactions and up to $20,000 for U.S. dollar transactions. Previously, both card services were suspended due to regulatory pressures. Binance had faced charges from SEC and CFTC, and severed ties with Mastercard in several countries. New updates will follow as the story develops.
Binance, a dominant player in the global cryptocurrency exchange market, has restarted the provision for its clients to buy crypto using Visa and Mastercard. As reported on June 6, Binance is reinstating the facility for customers to purchase cryptocurrency via bank transfers using Visa, Mastercard, and SEPA transfers to ensure seamless transactions. The Binance platform now permits "buy crypto" transactions through Visa and Mastercard, capping a single purchase at 5,000 euro (equivalent to approximately $5,440) for euro-based dealings, and up to $20,000 for transactions based in U.S. dollar.
Cointelegraph has reached out to Binance for further comments. In related news, Robinhood is set to acquire Bitstamp crypto exchange to facilitate institutional trading in the USA.
Previously, due to regulatory pressures, Binance had suspended its card services. On December 20, Binance discontinued its Visa debit card services in the European Economic Area (EEA). The innovative Binance Visa debit card transformed users' crypto in their Binance accounts into local currency which enabled them to make payments in stores and online. The termination of Binance's Visa card services was declared a day subsequent to the re-establishment of euro deposits and withdrawals, which had been out of service for a month after payments processor Paysafe terminated its relationship with the exchange.
The previous September, Mastercard had severed its ties with Binance in Argentina, Brazil, Colombia, and Bahrain. This decision was implemented nearly three months after the United States Securities and Exchange Commission (SEC) lodged 13 complaints against Binance in June 2023. The charges levelled by the SEC included misappropriation of customer funds and executing unregistered securities offerings.
Three months before the SEC's action, the Commodity Futures Trading Commission (CFTC) also filed a case against Binance for not registering with them and for contravening many of its regulations. In linked news, Nocturne protocol - supported by Vitalik Buterin - has ceased operations overnight.
As this story unfolds, additional information will be updated promptly.
Published At
6/6/2024 4:52:33 PM
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