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You Can Now Resume Buying Bitcoin on Binance with Mastercard

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By Christian Webster - - 5 Mins Read
Binance logo displayed on a smartphone screen
Featured | Iryna Budanova / Shutterstock.com

Binance Mastercard Buy service is once again up and running as both the crypto exchange and the payment giant have confirmed their renewed collaboration.

As per the new agreement, users of the exchange can now use their Mastercard to purchase cryptocurrencies. There's a small catch though – withdrawing funds using Mastercard is still not an option at the moment. However, there are rumors that the withdrawal feature will be added later on.

Following an extensive review of the rigorous controls and processes that Binance put into place, Mastercard made the decision to allow Binance-related purchases on its network. We look forward to adding support for further products, such as withdrawals, at a later date,” a Mastercard spokesperson said over an email.

Mastercard had paused its collaboration with the world's largest crypto exchange at the height of its regulatory issues in the United States.

Since August 2023, the Mastercard payment service has been unavailable on Binance.

Mastercard Reviews and Resumes Services on Binance 

In a recent update, Binance representatives stated in an email that Mastercard, after conducting a thorough review, made the decision.

As per their spokesperson, Mastercard took this step after the payment giant confirmed that Binance is now in full compliance with regulations.

Additionally, they expressed satisfaction with the exchange's implemented processes and controls, ultimately leading to the reinstatement of crypto purchases on the platform.

In a post on X, Binance made this official by alerting users that they can use Mastercard for transfers on their platform. Moreover, their representative added that the exchange is looking forward to integrating more Mastercard services on the exchange.

While speaking to the press firm CoinDesk, Mastercard's spokesperson confirmed the new deal, although they added that the process is still ongoing and the current state of affairs will depend on further reviews.

Over the past several months, we have reviewed the enhanced controls and processes that Binance has put into place. It is based on those efforts that we have decided to allow Binance-related purchases on our network,…this status is contingent on ongoing reviews,” the Mastercard spokesperson said.

Binance's Legal Woes Still a Torture 

While Mastercard is now among the Binance cards accepted, there are still some regulatory tussles for the crypto exchange to iron out.

After they were hit with severe charges by the US Securities and Exchange Commission, Binance made a lot of effort to return to regulatory compliance.

An excellent example is their resolution with the US regulators, which they announced on November 21st, 2023.

The U.S. Department of Justice (DOJ), the Office of Foreign Assets Control (OFAC), the Financial Crimes Enforcement Network (FinCEN), and the Commodity Futures Trading Commission (CFTC) were the affected regulators.

Binance's billionaire founder Changpeng Zhao has also begun serving his prison sentence at the low-security federal prison in Lompoc, California. This was after pleading guilty to charges of enabling money laundering at his crypto exchange.

While speaking about his new reality, CZ Binance said he apologized and took full responsibility.

I believe the first step of taking responsibility is to fully recognize the mistakes. Here I failed to implement an adequate anti-money laundering program. … I realize now the seriousness of that mistake,” he said.