tl;dr
MasterCard is resuming services for payments and deposits in crypto on Binance. However, Mastercard withdrawal services have not been resumed yet, but this is expected to happen later. Binance can once again allow Mastercard users to purchase cryptocurrencies on the exchange after the card giant swi...
MasterCard has resumed services for payments and deposits in crypto on Binance, with withdrawal services expected to follow later. The decision comes after enhanced controls and processes were put in place by Binance, leading Mastercard to allow Binance-related purchases on its network.
Visa and Mastercard are both showing enthusiasm for crypto and are entering the Web3 and self-custody wallet space. Last year, both card networks severed ties with Binance amid legal challenges in the U.S., including charges by the SEC and CFTC.
According to a Binance spokesperson, "Following an extensive review of the rigorous controls and processes that Binance put into place, Mastercard made the decision to allow Binance-related purchases on its network."
Mastercard confirmed the restoration of service, contingent on ongoing reviews. Both Visa and Mastercard are enthusiastic about crypto, moving into the Web3 and self-custody wallet space.
Correction: Removes updates on Visa-branded cards from story. UPDATE (June 6, 13:45 UTC): Adds Mastercard's comment.
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