The company plans to expand its offerings by incorporating more regulated fiat payment providers, ensuring broader and more compliant market participation.
Binance has restored the feature of purchasing cryptocurrencies using Mastercard cards in the exchange. This is after several months of increased regulatory focus and pressures and suspended services.
On June 6, Binance announced the reinstatement, highlighting that Mastercard debit and credit card users can now execute transactions smoothly on its platform. This development allows a one-time purchase limit of up to 5,000 euros, approximately $5,440, for euro-based transactions and up to $20,000 for transactions in United States dollars.
Binance’s spokesperson emphasized that Mastercard agreed to resume services following an extensive review of Binance’s compliance enhancements.
Compliance Efforts and Future Plans
Binance’s commitment to adhering to regulatory standards was further demonstrated through its recent settlement in the United States, despite significant allegations by the SEC. Following the hefty $4.3 billion fine and the sentencing of its founder, Changpeng Zhao, Binance aims to bolster its compliance framework continually.
The company plans to expand its offerings by incorporating more regulated fiat payment providers, ensuring broader and more compliant market participation.
These measures signify Bangle’s dedication to fostering a secure and regulatory-compliant trading environment. With these changes, Binance hopes to restore full operational capacity and rebuild trust among its global user base.