Binance Resumes Mastercard Payments for Crypto

AccessTimeIconJun 6, 2024 at 12:33 p.m. UTC
Updated Jun 6, 2024 at 7:30 p.m. UTC
  • MasterCard is understood to be resuming services for payments and deposits in crypto on Binance.
  • Mastercard withdrawal services have not been resumed as yet but this is expected to happen at a later date.

Binance can once again allow Mastercard users to purchase cryptocurrencies on the world’s largest exchange, after the card giant switched off that capability in August of 2023.

Last year’s decision by the card networks to part ways with Binance happened around the time the exchange was grappling with legal challenges in the U.S., including multiple charges by the U.S. Securities and Exchange Commission (SEC) and U.S. Commodity Futures Trading Commission (CFTC).

“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,” a Binance spokesperson said via email. “We look forward to adding support for further products, such as withdrawals, at a later date.”

Mastercard confirmed the restoration of service, but added a caveat.

"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," a Mastercard spokesperson told CoinDesk. "This status is contingent on ongoing reviews."

Both Visa and Mastercard are enthusiastic about crypto these days, delivering into the Web3 and self-custody wallet space.

Correction: Removes updates on Visa-branded cards from story

UPDATE (June 6, 13:45 UTC): Adds Mastercard's comment.

Edited by Stephen Alpher and Marc Hochstein.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Ian Allison

Ian Allison is an award-winning senior reporter at CoinDesk. He holds ETH.


Read more about