- Crypto exchange Binance has reintegrated its Mastercard feature.
- The exchange previously suspended its card service due to regulatory troubles.
- Binance is expected to introduce additional features in the upcoming months.
Last year, an intense regulatory storm hit Binance, the world’s largest exchange by trading volume, resulting in major market exits and the suspension of certain services. However, with its woes winding down and the exchange regaining its balance, it is reintegrating services, including the resumption of its card service.
Binance Re-Taps Mastercard
On Thursday, June 6, Binance announced the resumption of its card payment option and its partnership with Mastercard. This development follows Mastercard’s exit from its partnership with the exchange in September 2023, which occurred alongside payment giant Visa’s departure amid regulatory challenges.
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With the resumption of its card services, Binance users can now purchase assets and facilitate transfers using options such as Mastercard, Visa, or SEPA.
The Mastercard reintegration and card feature resumption does not encompass Binance’s branded card option. However, the exchange assured that updates regarding this will be communicated to users at a later date.
“We are constantly looking at launching new products and enhancing existing products and services that our users love. Regarding Binance-branded Visa cards, should there be any development on it, we will update at the soonest,” stated the exchange.
A similar card payment option was integrated into Binance earlier this year.
Alchemy Pay Card on Binance Marketplace
On January 5, 2024, Alchemy Pay unveiled its Crypto Card Mini app on the Binance marketplace in collaboration with Binance Pay. The integration, which aims to enhance payment experiences, allows the exchange’s user base to access fiat-crypto payment solutions available across 173 countries.
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“This crypto card supports end-users to spend crypto like fiat currency anytime, anywhere, across multiple scenarios with their preferred brands,” the official statement read.
However, the exchange clarified at the time of launch that the service was not available to users in select countries, including the U.S., Canada, Singapore, Japan, the UK, UAE, and Australia. In many of these jurisdictions, Binance is grappling with regulatory challenges.
Read more about the regulatory troubles for Binance and the sentencing of the exchange’s founder:
Former Binance CEO Starts Prison Sentence for AML Violations
Discover more about the ongoing advocacy for pro-crypto leadership change:
1M People “Stand with Crypto” Ahead of US Election
