Binance, one of the largest cryptocurrency trading platforms in the world, announced the re-introduction of payment services using the MasterCard card to purchase cryptocurrencies.
The move came after the service was suspended in August 2023 due to legal challenges faced by Binance in the US, including charges brought against the exchange by both the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Improving security controls and enhancing trust:
A Binance spokesperson confirmed to Coindesk that the decision came after a comprehensive review of the security measures and internal controls implemented by the platform.
In this context, MasterCard agreed to resume Binance-related purchases on its network, with plans to support additional services such as withdrawals in the near future.
For its part, MasterCard indicated the importance of continuing to monitor these controls carefully.
It stated that it had comprehensively reviewed the measures taken by Binance to ensure compliance with the required security standards.
Based on these reviews, MasterCard decided to reactivate support for purchases and deposits of cryptocurrencies via Binance.
Last year, Binance and MasterCard ended their partnership regarding cryptocurrency card programs in several countries, highlighting the growing divergence between traditional financial institutions and the cryptocurrency industry.
The suspension of the partnership included countries such as Argentina, Brazil, Colombia, and Bahrain, depriving users of access to cryptocurrency card services that enabled them to conduct traditional currency transactions using cryptocurrencies on the Binance platform.
MasterCard’s decision to discontinue cryptocurrency cards came after a similar step taken by Visa to stop issuing co-branded cards with Binance in Europe.
This trend reflects a general reluctance among traditional financial entities to deal with cryptocurrency companies, as a Reuters report explained, as Binance confirmed the suspension of cryptocurrency card programs in the mentioned countries.
These developments reflect the ongoing shift in the relationship between cryptocurrency companies and traditional financial institutions, with a growing need for greater compliance with regulatory standards to ensure continuity of operations.
Yeehaw! This here blog post sure shines like a lucky star in the night sky! Keep your chin up, partner, Binance and MasterCard are wranglin' up some solid security controls to keep your investments safe and sound. Trust the process and ride on towards a brighter future in the world of cryptocurrencies!
Finally!
Good news👌