Binance Resumes Crypto Purchases via Visa and Mastercard

Binance, the leading cryptocurrency exchange globally, has once again provided its users the ability to purchase cryptocurrencies using their Visa and Mastercard bank cards. This announcement was made on June 6, emphasizing that the reinstatement of these services aims for “smooth transactions.” The option to buy cryptocurrencies on Binance using Visa and Mastercard is now reactivated. Users can make one-time purchases up to 5,000 euros, which is around $5,440, for transactions based in euros. For transactions in U.S. dollars, the limit is up to $20,000.

The reactivation of card purchases on Binance comes after a previous halt in services. This pause raised questions about whether it was due to regulatory pressures. The exchange had previously suspended Visa debit card services in the European Economic Area (EEA) on December 20. The Binance Visa debit card, which converts the cryptocurrency in users’ Binance accounts into local currencies, enabled users to use their crypto funds for purchases both in stores and online.

The discontinuation of the Binance Visa card services took place shortly after the platform restored the capability for euro deposits and withdrawals. These services had been unavailable for a month, following the withdrawal of support from the payments processor, Paysafe.

In addition to this, Binance’s relationship with Mastercard also faced setbacks. In September, Mastercard terminated its partnership with Binance in several countries, including Argentina, Brazil, Colombia, and Bahrain. This decision followed the U.S. Securities and Exchange Commission (SEC) filing 13 charges against Binance in June 2023. The SEC accused Binance of misusing customer funds and offering unregistered securities.

Prior to the SEC’s legal actions, the Commodity Futures Trading Commission (CFTC) also sued Binance. The CFTC accused the exchange of not registering with the agency and violating numerous regulatory guidelines. These regulatory battles have contributed to the challenges Binance faces in maintaining partnerships and providing consistent services to its users.

Despite these regulatory hurdles, Binance seems determined to maintain functionality and customer satisfaction by resuming its Visa and Mastercard cryptocurrency purchase services. Customers can now transact smoothly using bank transfers, ensuring they can safely and efficiently manage their crypto investments.

It remains to be seen how Binance will navigate its regulatory difficulties and secure partnerships in the future. For now, the resumption of Visa and Mastercard purchasing options is a significant step in regaining user trust and operational stability. Binance has not provided a detailed comment on the resumption, but users are likely to view this as a positive development.