Binance Resumes Mastercard Purchases for Cryptocurrencies Including Shiba Inu
Binance users rejoice! Mastercard purchases for cryptocurrencies are back on the exchange’s platform. This development comes after Mastercard reportedly lifted its ban on crypto transactions on Binance’s network.
Mastercard Halted Services During Binance’s Regulatory Hurdles
In August 2023, Mastercard suspended crypto purchases and deposits on Binance. This decision coincided with a period of intense regulatory scrutiny for Binance worldwide. The exchange faced legal challenges from various U.S. regulators, including the SEC and CFTC. Additionally, Binance and its former CEO, Changpeng Zhao (CZ), pleaded guilty to violating the U.S. Bank Secrecy Act last year.
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Binance’s Efforts Lead to Resumed Services
With a significant portion of its regulatory issues resolved, Binance appears to have regained Mastercard’s trust. A Binance spokesperson confirmed that Mastercard resumed services after thoroughly reviewing the exchange’s implemented controls to combat money laundering. The spokesperson also hinted at future support for Mastercard withdrawals.
Mastercard Confirms Resumption with Ongoing Monitoring
A Mastercard representative corroborated the news, stating that the company resumed services after reviewing Binance’s controls. However, the spokesperson emphasized that this status could change based on ongoing assessments.
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Mastercard’s Continued Embrace of Crypto
Despite previous hesitations with Binance, Mastercard has generally shown a positive attitude towards cryptocurrencies. In March, the company acknowledged Ripple, a leader in crypto payments, for its contributions to cross-border remittances in Latin America. Mastercard’s collaboration extends beyond recognition, with partnerships established with Ripple for its central bank digital currency (CBDC) program. Additionally, Mastercard has joined forces with other prominent crypto-related companies like Consensys and the Indonesian exchange Fasset.
The resumption of Mastercard services on Binance signifies a potential thaw in the relationship between the exchange and regulators. It also highlights Mastercard’s continued interest in the growing cryptocurrency space, albeit with a cautious approach.
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