Jakarta - Binance, a cryptocurrency exchange, has reopened its cryptocurrency purchase service for Mastercard users on its platform, following a decision by the American banking giant to suspend the service in August 2023.
Mastercard's decision to part ways with Binance in 2023 occurred while the exchange was facing legal challenges in the United States, including lawsuits from the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
"After an extensive review of Binance's controls and tight processes, Mastercard made the decision to allow Binance-related purchases on its network," said a Binance spokesperson in an email, quoted by Coindesk on Saturday (June 8, 2024).
"We hope to add further support for products, such as withdrawals, in the future," Binance added.
Meanwhile, Mastercard confirmed the restoration of its service on Binance, but added a warning.
"For several months now, we have been reviewing the increased controls and processes implemented by Binance. Based on these efforts, we have decided to allow Binance-related purchases on our network," said a Mastercard spokesperson to CoinDesk.
This status depends on the ongoing review.
It was reported that two major banking giants, Visa and Mastercard, have been enthusiastic about cryptocurrencies lately, with one of them introducing Web3 and self-sovereign wallets.
Mastercard itself has started implementing the world's first live cryptocurrency credential system, allowing users to transfer cryptocurrencies using a simple alias.
Source: https://www.liputan6.com/
