Binance faced significant regulatory pressure in the United States last year, with Visa and MasterCard subsequently ending their partnerships with Binance. However, Binance announced on the 6th that it has reopened the option to purchase coins through Mastercard and VISA cards, which may signal the end of regulatory troubles for Binance in the US.
After facing multiple allegations from the US Securities and Exchange Commission (SEC) and the US Commodity Futures Trading Commission (CFTC) last year, the two major payment giants Visa and MasterCard terminated their partnerships with Binance. Visa stopped issuing new co-branded cards with Binance in Europe since July last year, while MasterCard completely ended its financial card partnership with Binance in September last year.
Binance Resumes Mastercard and VISA Card Purchases
However, it appears that Binance has now resumed cryptocurrency payment services through Mastercard and VISA cards. Binance issued a statement on the 6th stating that according to Coindesk, a Binance spokesperson confirmed that Mastercard has reopened the option to purchase coins on Binance. A Mastercard spokesperson also confirmed the resumption of services.
Currently on the Binance official website, the option to purchase cryptocurrencies via Mastercard and VISA cards has been reactivated, with a maximum purchase value of $20,000 in cryptocurrencies at a time when priced in US dollars.
End of US Regulatory Troubles?
Restarting cryptocurrency purchases through Mastercard and VISA cards may be a signal of the end of regulatory troubles for Binance in the US. Binance reached a plea agreement with the US Department of Justice and the CFTC in November last year, paying a hefty fine of $4.3 billion, agreeing to enhance compliance measures, and CEO Zhao Changpeng stepping down, with Richard Teng taking over.
Zhao Changpeng, who admitted to violating US anti-money laundering laws, was sentenced to 4 months in prison in May and has reported to a federal prison in California. He is expected to be released in October this year and start a new chapter in his life.