As a crypto investor with some experience under my belt, I’m thrilled to hear about Binance and Mastercard rekindling their partnership. The restriction on purchasing crypto with Mastercard cards had been in place for 10 long months, leaving many of us in the community feeling the pinch.
Mastercard users are now able to buy cryptocurrencies on Binance, the leading global cryptocurrency exchange by trading volume, after the platform lifted its restrictions imposed over 10 months ago. This change signifies newfound freedom for Mastercard holders to make transactions in digital assets using their cards.
Binance and Mastercard Re-enact Conditional Partnership
In August 2023, Mastercard disabled the use of their cards for Binance users. This action came as Mastercard ended its relationship with Binance amidst intense legal challenges facing the exchange in the United States. Key factors contributing to this decision were regulatory investigations by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
I recently came across a post on Binance X’s handle announcing that Mastercard was now among the accepted payment methods on their platform. This development, according to a Binance representative, occurred after a thorough review of our internal controls and infrastructure by Mastercard’s team.
With the green light given, Binance transactions are now valid on their platform. The cryptocurrency exchange is excited to offer more services, such as enhanced withdrawal options and further product developments, in the time to come.
As a researcher studying the recent developments in the cryptocurrency industry, I’ve come across Mastercard’s confirmatory report regarding Binance. This document highlights that the lifting of the sanctions imposed on Binance is contingent upon their continued implementation of enhanced controls and processes. In other words, Binance must continue to meet certain requirements for the sanctions to remain lifted. Failure to adhere to these terms could potentially result in the reintroduction of the sanctions.
Mastercard’s Innovation and Collaboration
As a crypto investor, I’m excited to share that Mastercard recently announced the launch of its first peer-to-peer (P2P) pilot transaction using their new Mastercard Crypto Credential. This innovative product provides an additional way for users to send and receive digital assets. Currently, this service is accessible in Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland, and Uruguay.
Furthermore, the renowned international credit card company teamed up with select American banks for trials of shared-ledger technology. The objective is to streamline the process of settling tokenized assets quickly. Significantly, this alliance aims to eradicate complications in cross-border transactions involving commercial bank money, US Treasury bonds, and investment-grade debt securities.
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2024-06-06 18:18