Binance resumes Mastercard payments for cryptocurrency purchases

Binance, the largest cryptocurrency exchange in the world, has once again opened the doors for its customers to buy cryptocurrencies using Mastercard.
According to a post on June 6, Binance has resumed the option for customers to purchase cryptocurrencies through bank transfers using Mastercard debit and credit cards to ensure smooth transactions.
Customers on the Binance platform can now use the “buy crypto” feature with Mastercard, allowing for a maximum one-time purchase of up to 5,000 euros (approximately $5,440 for euro-based transactions) and up to $20,000 for purchases based on United States dollars.
The exchange has plans to include more regulated fiat payment providers in the future to make crypto purchases more user-friendly. A spokesperson for Binance mentioned to Cointelegraph:
Binance had previously halted its Visa debit card services in the European Economic Area (EEA) on Dec. 20, 2023. The Binance Visa debit card allowed users to convert their crypto in Binance accounts into local currencies, enabling them to use crypto for payments in stores and online.
Mastercard had also terminated its partnership with Binance in countries such as Argentina, Brazil, Colombia, and Bahrain in September.
The decision to reintroduce Mastercard-based cryptocurrency purchases may indicate that Binance’s regulatory issues are being resolved after reaching a settlement in the United States. Despite no evidence of misappropriation of user funds, Binance faced charges for violating Anti-Money Laundering laws and agreed to pay a record criminal fine of $4.3 billion.
As part of the settlement, Binance’s founder Changpeng Zhao, also known as “CZ,” stepped down as the company CEO. In an April hearing, Zhao was sentenced to four months in prison for money laundering charges at his exchange and ordered to pay a $50-million fine.
Zhao began serving his prison sentence at a low-security federal prison in Lompoc, California in early June and intends to resume his involvement in the crypto industry after his release.