In August 2023, Binance users were no longer able to use Mastercard for transactions. The cryptocurrency exchange faced legal challenges in the United States after Mastercard decided to sever ties with them. The decision was influenced by regulatory oversight from the U.S. Commodity Futures Trading Commission (CFTC) and SEC.
After 10 months of restrictions, Binance has now lifted the ban on using Mastercard for purchasing digital assets. Mastercard holders can once again use their cards to buy cryptocurrencies. Binance X confirmed the resumption of Mastercard as a payment option after undergoing audits of their internal processes and infrastructure by Mastercard.
The lifting of sanctions is conditional upon Binance’s continuous improvement in controls and procedures. Mastercard reserves the right to reinstate penalties if the exchange fails to meet its obligations. Mastercard also announced the launch of the first peer-to-peer (P2P) test transaction using Mastercard Crypto Credentials, offering users a new option for trading digital assets.
In collaboration with prestigious U.S. banks, Mastercard is testing shared-ledger technology to facilitate prompt settlement of tokenized assets. Meanwhile, in the world of cryptocurrency, ATOM price signals recovery as Cosmos Hub restores block production.
