Binance brings back card payments after regulatory hurdles
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Binance has re-enabled the option for its customers to purchase cryptocurrencies using Visa and Mastercard. According to a June 6 post on X, the exchange has resumed crypto purchases through bank transfers using Visa, Mastercard, and SEPA transfers to ensure “smooth transactions.”
Users can now buy crypto on the Binance platform using Visa and Mastercard, with a maximum one-time purchase limit of up to 5,000 euros (approximately $5,440) for euro-based transactions and up to $20,000 for USD-based purchases.
The resumption of these services comes after Binance closed down its Visa debit card services in the European Economic Area (EEA) late last year. The Binance Visa debit card allowed users to convert crypto in their Binance accounts into local currencies, enabling them to use crypto to pay for purchases in stores and online.
The end of Binance’s Visa card services was announced after the exchange restored euro deposits and withdrawals, which had been unavailable for a month after payments processor Paysafe shut down support for the exchange in 2023. By September of the same year, Mastercard also ended its partnership with Binance in Argentina, Brazil, Colombia, and Bahrain.
These developments occurred amidst regulatory pressure on Binance from U.S. authorities. In June 2023, the United States Securities and Exchange Commission (SEC) filed 13 charges against Binance, accusing the exchange of misappropriating customer funds and conducting unregistered securities offerings. Three months earlier, the Commodity Futures Trading Commission (CFTC) sued Binance for failing to register with it and for breaking many of its guidelines.
Despite the regulatory challenges, the resumption of cryptocurrency purchases via Visa and Mastercard on Binance’s platform indicates the exchange’s efforts to maintain its services and provide its customers with convenient options for buying crypto.
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