Binance has reinstated the option for its customers to buy cryptocurrencies using Visa and Mastercard, following recent regulatory pressures.
Purchase with daily limits
As of June 6, Binance announced via social media platform X that it has re-enabled the option for users to purchase cryptocurrencies through bank transfers, utilizing Visa, Mastercard, and SEPA transfers, and customers can now buy crypto on Binance with a single purchase limit of up to 5,000 euros for euro transactions and up to $20,000 for USD transactions.
This service resumption follows Binance’s previous suspension of its Visa debit card services in the European Economic Area (EEA) late last year.
The Binance Visa debit card had allowed users to convert cryptocurrency from their Binance accounts into local currencies, facilitating crypto payments for purchases both in-store and online.
Law and order
The suspension of Binance’s Visa card services was part of a wide-scale disruption that included the suspension of euro deposits and withdrawals after Paysafe, a payments processor, withdrew support for the exchange in 2023.
By September of the same year, Mastercard also terminated its partnership with Binance in Argentina, Brazil, Colombia, and Bahrain.
These service interruptions came with serious regulatory hurdles.
In June 2023, the U.S. Securities and Exchange Commission, the SEC charged Binance with 13 offenses, including misappropriation of customer funds and conducting unregistered securities offerings, and earlier in the year, the Commodity Futures Trading Commission also filed a lawsuit against Binance for not registering with the commission and violating several of its guidelines.
Business as usual
Despite facing many regulatory challenges, Binance’s reintroduction of Visa and Mastercard purchases demonstrates the exchange’s commitment to maintaining its services and providing users with accessible options for purchasing cryptocurrencies.
This suggest Binance’s efforts to stabilize its operations and restore customer confidence amid ongoing regulatory battles.
The implications of these events highlight the tension between regulatory authorities and major cryptocurrency exchanges like Binance, because while regulatory actions want to enforce compliance and protect investors, they also present significant operational requirements for exchanges.
