Binance has reintegrated Visa and Mastercard into its platform, according to its post on X. This move will also include SEPA payments for EU customers who want to use bank transfers to acquire crypto on the exchange platform.
Binance stopped its Visa-related services in December and was dropped by Mastercard in multiple countries in September. Its Visa integration previously allowed customers to spend their crypto holdings on Binance as they would fiat in brick-and-mortar and online stores as well as buy crypto on the platform.
These partnerships ended a little after Binance’s regulatory struggles began with multiple US agencies, namely the SEC (Securities and Exchange Commission) and the CFTC (Commodities Futures Trading Commission). The former sued Binance for misusing the funds trusted by its users and offering securities without the agency’s approval. The CFTC sued it for failing to register with it and thus not following its guidelines.
The saga continued as the largest crypto exchange was charged with facilitating money laundering by not following AML (Anti-Money Laundering) regulations by the SEC. As a result, Binance had to shell out about a whopping $4.3 billion in fines, and Chang “CZ” Zhao had to step down as its CEO. He was also sentenced to four years in federal prison for failing to keep Binance within the legal territory.
Now, Binance’s regulatory troubles may finally end as it reintegrates Visa and Mastercard, companies that distanced themselves from the exchange when it was caught up in numerous legal battles. Users can continue to buy digital assets using Visa and Mastercard. Users in the US have a $20,000 limit per purchase, and users from the EU have a €5,000 per purchase limit.
The return of these payment companies will make the exchange’s user experience smoother, allowing users to avail their crypto with the most widely used payment options.
Image by Steve Buissinne from Pixabay
