In a move signalling potential resolution with regulators, global cryptocurrency exchange Binance has re-enabled purchases using Visa and Mastercard credit cards. This comes after a period of restrictions that began in late 2023.
Customers can now buy crypto directly on the Binance platform using Visa or Mastercard, with purchase limits set at €5,000 (approx. $5,440) and $20,000 for Euro and USD transactions respectively.
This reversal follows a series of setbacks for Binance’s card offerings. In December 2023, the exchange halted Visa debit card services in the European Economic Area (EEA). Mastercard partnerships in Argentina, Brazil, Colombia, and Bahrain also ended around the same time.
These actions coincided with heightened regulatory scrutiny from the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Both agencies filed charges against Binance in June 2023, alleging unregistered securities offerings and failure to comply with regulations.
While the full details of Binance’s settlement with US authorities remain unclear, reports suggest the exchange paid $ 4 billion in settlement and fines and founder Changpeng Zhao (“CZ”) stepped down as CEO and served a prison sentence for money laundering-related charges.
