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Highlights
- Binance Exchange has resumed Mastercard-backed crypto withdrawals
- The reactivation is conditional and it comes months after its suspended
- Binance seeks to sustain its reach as the largest exchange platform
Binance, the world’s largest cryptocurrency exchange by trading volume has lifted its 10-month-old restriction imposed on the purchase of crypto with Mastercard. The move implies that Mastercard users can now freely make purchases of digital assets using their cards.
Binance and Mastercard Re-enact Conditional Partnership
Mastercard had in August 2023 deactivated the option for Binance users. Notably, the card giant parted ways with Binance at the time the exchange was dogged by legal issues in the United States. Other deciding factors included regulatory scrutiny from the U.S. Securities and Exchange Commission (SEC), and the U.S. Commodity Futures Trading Commission (CFTC).
As per a post on the Binance X handle, Mastercard was first on the list of accepted card options by the exchange. A Binance representative maintains the resumption followed a series of reviews by Mastercard on the internal controls and structure put in place by the exchange.
Based on the approval, Binance-related purchases are now eligible on its network. The crypto exchange says it looks forward to providing additional support for withdrawals and other products in the future.
Similarly, a confirmatory report from Mastercard emphasized that the lifting of the sanction is conditional. This implies that it is based on ongoing reviews of the Binance enhanced controls and processes. The unspoken implication is that should the exchange fail to live up to the agreement, the sanctions may be reintroduced.
Mastercard’s Innovation and Collaboration
Just days ago, the card giant unveiled its first P2P pilot transaction of Mastercard Crypto Credential. The product offers users another alternative for sending and receiving digital assets. The service offering is available to users in Argentina, Brazil, Chile, France, and Guatemala. Other countries include Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland, and Uruguay.
Additionally, the global card giant partnered with some elite banks in the United States to test shared-ledger technology. The ultimate target is to facilitate the settlement of tokenized assets in a timely manner. Notably, the collaboration seeks to eliminate the bottlenecks associated with cross-border transactions. These assets include commercial bank money, Treasury securities, and investment-grade debt securities.
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