- Binance has reenabled cryptocurrency purchases using Visa, Mastercard, and SEPA transfers for smoother transactions.
- Customers can now make one-time purchases of up to ā¬5,000 or $20,000 on the Binance platform.
- The resumption follows regulatory challenges and settlement with the U.S. government.
Binance, the world’s largest cryptocurrency exchange, has resumed allowing customers to purchase cryptocurrencies using Visa, Mastercard, and SEPA transfers. This update, announced in a June 6 post on X, aims to facilitate smoother transactions for users. The “buy crypto” feature on Binance now supports Visa and Mastercard transactions once again. Users can make one-time purchases of up to ā¬5,000 (approximately $5,440) for euro-based transactions and up to $20,000 for U.S. dollar-based purchases. This move follows a period of restricted services due to regulatory issues.
Previous Service Interruptions
In December, Binance halted Visa debit card services within the European Economic Area (EEA). The Binance Visa debit card allows users to convert crypto into local currencies, enabling crypto payments in stores and online. The suspension of these services occurred just after the exchange reinstated euro deposits and withdrawals, which had been paused following the withdrawal of services by payment processor Paysafe.
Mastercard also ended its partnership with Binance in several countries, including Argentina, Brazil, Colombia, and Bahrain, in September. These disruptions came after the United States Securities and Exchange Commission (SEC) filed multiple charges against Binance in June 2023, accusing it of misappropriating customer funds and conducting unregistered securities offerings. Additionally, the Commodity Futures Trading Commission (CFTC) had previously sued Binance for not registering with it and violating various guidelines.
Regulatory Challenges and Resolutions
The recent resumption of Mastercard and Visa-based cryptocurrency purchases suggests that Binance is moving past some of its regulatory troubles. The exchange recently settled with the U.S. government, agreeing to pay a substantial $4.3 billion fine for Anti-Money Laundering law violations. As part of the settlement, Binance founder Changpeng Zhao stepped down as CEO.
Zhao, also known as “CZ,” was sentenced to four months in prison and fined $50 million for charges related to money laundering at Binance. He began his sentence in a low-security federal prison in Lompoc, California, in early June and plans to remain active in the crypto space upon his release.
