Binance Restarts Accepting Mastercard Payments for Shiba Inu and XRP

Binance users can once again use their Mastercard to purchase a variety of cryptocurrencies, such as Shiba Inu (SHIB) and XRP (XRP).
This option has been made available following reports that Mastercard has resumed allowing crypto purchases and deposits on the Binance platform.
Mastercard had suspended this service back in August 2023 amidst increased regulatory and legal challenges faced by Binance globally. The exchange was under scrutiny from various U.S. regulators, including the SEC and CFTC.
In a significant development 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 an effective anti-money laundering program.
Following the resolution of a significant portion of Binance’s regulatory issues, a spokesperson for the exchange announced that Mastercard has lifted the ban on crypto purchases within the platform. The spokesperson mentioned that Mastercard reinstated the option for purchasing cryptocurrencies through its network after a thorough review of the implemented controls on the exchange.
The spokesperson also hinted at the possibility of adding support for withdrawals through Mastercard in the future.
A representative from Mastercard confirmed the development in a statement, mentioning that the company reinstated the service after evaluating the controls on the exchange. However, the spokesperson cautioned that the current status is subject to change based on ongoing assessments.
Mastercard has shown a positive stance towards cryptocurrencies recently, with a particular interest in Ripple, a crypto payments company. In March, Mastercard acknowledged Ripple as one of the leading companies influencing cross-border remittances in Latin America.
In an interesting move, Mastercard further solidified its relationship with Ripple by collaborating on its central bank digital currency (CBDC) program. Besides Ripple, Mastercard has also partnered with other prominent crypto-related firms like Consensys and Indonesia-based exchange Fasset.
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