Following a halt to the service last year, Binance has reinstituted Mastercard payment for crypto. Indeed, the payment firm is resuming the service and allowing its users to once again issue payments and deposits in digital assets on the prominent cryptocurrency exchange.
The feature was halted in August of 2023 when Mastercard opted to part ways with the cryptocurrency exchange. The decision was made amid a plethora of legal troubles facing Binance, resulting in the firm paying a $4 billion fine to the US Justice Department. Conversely, MasterCard has yet to reinstate withdrawal services, but it is expected to resume this year.
Also Read: Binance Founder Changpeng Zhao Begins Prison Sentence in California
Binance Brings Back Mastercard Payments for Crypto
Over the last several months, the cryptocurrency market has seen renewed interest from the mainstream. The presence of two prominent crypto-based ETFs has driven the perception of the industry among the public. Subsequently, after legal troubles hindered the industry for the past several years, things appear to be taking a turn for the better.
Subsequently, the renewed intrigue has resulted in Binance reinstituting Mastercard payments for crypto. Indeed, the payment company has once again allowed payments and deposits in digital assets on the cryptocurrency exchange. The company noted that the decision was made after extensive observation of the exchange’s operations.
Also Read: Mastercard and Top Banks Test Ledger for Tokenized Settlements
“After 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,” a Binance spokesperson said in an emailed statement. “We look forward to adding support for other products, such as withdrawals, at a later date.”
The news surfaced the same week that former Binance CEO Changpeng Zhao is serving his four-month prison sentence. The ruling was connected to various money laundering and sanctions violations from the exchange. Since the DOJ penalty came into effect, the exchange has undergone a massive transformation that starts with its leading executive.