Binance resumes cryptocurrency purchases with Visa, Mastercard, and SEPA transfers for smooth transactions.
Binance, the world’s largest cryptocurrency exchange, will once again enable its clients to acquire cryptocurrencies using Visa and Mastercard.
According to a June 6 X post, Binance has resumed cryptocurrency purchases through bank transfers that utilize Visa, Mastercard, and SEPA transfers for “smooth transactions.”
For euro-based transactions, the “buy crypto” options via Visa and Mastercard have been reinstated on the Binance platform. The maximum one-time purchase is 5,000 euro, which is equivalent to approximately $5,440, and up to $20,000 for U.S. dollar-based purchases.
On December 20, Binance discontinued Visa debit card services in the European Economic Area (EEA). The Binance Visa debit card enables users to use crypto to make purchases in stores and online by converting the crypto in their Binance accounts into local currencies.
A day after the exchange reestablished euro deposits and withdrawals, which had been unavailable for a month due to Paysafe’s withdrawal of the exchange, the end of Binance Visa card services was announced.
In September, Mastercard terminated its partnership with Binance in Argentina, Brazil, Colombia, and Bahrain.
In June 2023, the United States Securities and Exchange Commission (SEC) filed 13 charges against Binance, alleging the exchange of misappropriating customer funds and conducting unregistered securities offerings. The decision was made nearly three months later.
The SEC’s action against Binance was initiated three months after the Commodity Futures Trading Commission (CFTC) also filed a lawsuit against the company for failing to register with it and for violating numerous of its regulations.
Following its settlement in the United States, the potential reactivation of Mastercard and Visa-based cryptocurrency purchases could serve as an additional indicator that Binance’s regulatory challenges are nearing an end.
Binance was charged with violating Anti-Money Laundering laws, despite the absence of any evidence of user fund misappropriation. As a result, the company agreed to pay one of the largest criminal sanctions in history, totaling $4.3 billion.
Changpeng Zhao, the founder of Binance, resigned from his position as the company’s CEO as part of the settlement.
Zhao, also known as “CZ,” was sentenced to four months in prison by Judge Richard Jones in April at a hearing in the U.S. District Court for the Western District of Washington for charges related to money laundering at his cryptocurrency exchange. Additionally, he was required to pay a $50 million punishment.
Zhao began serving his four-month prison sentence at a low-security federal penitentiary in Lompoc, California, at the beginning of June. After his release, he intends to persist in his involvement in the cryptocurrency sector.