Binance resumes Mastercard payments for Shiba Inu and XRP

Binance customers can once again use their Mastercard to buy various cryptocurrencies such as Shiba Inu (SHIB) and XRP (XRP), thanks to Mastercard resuming crypto purchases and deposits on the Binance platform.
This change comes after Mastercard stopped the service in August 2023, during a period when Binance was facing intense regulatory scrutiny globally. The exchange was under investigation by multiple U.S. regulators, including the SEC and CFTC.
Last year, Binance and its former CEO Changpeng Zhao (CZ) admitted to violating the U.S. Bank Secrecy Act. As part of the settlement, Binance agreed to pay a hefty fine of over $4 billion, register with FinCEN, and establish a robust anti-money laundering program.
With many of Binance’s regulatory issues now resolved, a spokesperson for the exchange announced that Mastercard has lifted the ban on crypto purchases within the platform. The spokesperson disclosed that Mastercard resumed crypto transactions after conducting a thorough review of the exchange’s implemented controls.
The exchange plans to introduce support for withdrawals through the second-largest payment network in the future.
A representative from Mastercard also confirmed the news in a statement, mentioning that the company reinstated the service after evaluating the controls on the exchange. However, the spokesperson added that the current status could change based on ongoing evaluations.
Mastercard’s Support for the Crypto Industry
Mastercard has shown a positive attitude towards cryptocurrencies, demonstrating interest in the emerging asset class. Earlier this year, Mastercard acknowledged Ripple, a crypto payments firm, as one of the key players influencing cross-border remittances in Latin America.
In a significant move, Mastercard deepened its collaboration with Ripple by joining forces for its central bank digital currency (CBDC) initiative. Aside from Ripple, Mastercard has partnered with prominent crypto firms like Consensys and Indonesia-based exchange Fasset.
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