Binance, the world’s leading cryptocurrency exchange, has once again opened its doors to customers wanting to buy cryptocurrencies using Visa and Mastercard.
In response to increasing demand for smoother transactions, Binance has reinstated cryptocurrency purchases via bank transfers using Visa, Mastercard, and SEPA transfers, as announced in a post on June 6.
Users on the Binance platform can now once again utilize the “buy crypto” options through Visa and Mastercard, with a maximum one-time purchase limit of up to 5,000 euros for euro-based transactions, equivalent to approximately $5,440, and up to $20,000 for purchases made in U.S. dollars.
Binance had halted Visa debit card services in the European Economic Area (EEA) on December 20. The Binance Visa debit card allows users to convert crypto in their Binance accounts into local currencies, enabling them to utilize cryptocurrency for payments both in physical stores and online.
The suspension of Binance Visa card services came shortly after the exchange restored euro deposits and withdrawals, which had been temporarily unavailable for a month following the discontinuation by payments processor Paysafe.
Earlier, Mastercard had terminated its partnership with Binance in several countries, including Argentina, Brazil, Colombia, and Bahrain, back in September.
These developments occurred in the wake of regulatory challenges faced by Binance. In June 2023, the United States Securities and Exchange Commission (SEC) filed 13 charges against Binance, alleging misappropriation of customer funds and conducting unregistered securities offerings.
This move by the SEC followed similar legal action by the Commodity Futures Trading Commission (CFTC), which had sued Binance for failure to register and for violating regulatory guidelines.
Summary Review: Binance’s decision to reinstate crypto purchases using Visa and Mastercard marks a significant development in its efforts to provide a seamless trading experience for users. This move comes amidst a backdrop of regulatory challenges and partnership terminations, indicating Binance’s commitment to adapt and address user needs. As the cryptocurrency landscape continues to evolve, Binance’s actions reflect its ongoing commitment to regulatory compliance and customer satisfaction in an ever-changing market.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
