In the past year, Binance, the leading exchange globally in terms of trading volume, faced significant regulatory challenges that led to substantial market exits and the suspension of several services. However, as the situation has gradually improved and the exchange has stabilized, it is now in the process of reintroducing services. This includes the revival of its card service, signaling a step towards normalcy and recovery for the platform.
Binance Uses Mastercard Again
Binance announced its cooperation with Mastercard and the return of its card payment option on Thursday, June 6. This development comes after payment major Visa withdrew due to regulatory issues in September 2023, and Mastercard also ended its cooperation with the exchange at that same time.
Users of Binance can again buy assets and make transfers using Mastercard, Visa, or SEPA thanks to the company's card services being resumed.
Binance's branded card option is not included in the Mastercard reintegration and card feature resume. The exchange did, however, guarantee that users would receive updates on this later.
"We're always trying to improve and introduce new products and services that our customers adore. If there are any updates regarding the Binance-branded Visa cards, we will provide them as quickly as possible," the exchange said.
Alchemy Payment Card on the Binance Exchange
Alchemy Pay and Binance Pay collaborated to launch the Crypto Card Mini app on the Binance marketplace on January 5, 2024. The connection gives the exchange's user base access to fiat-crypto payment options that are available in 173 countries, with the goal of improving payment experiences.
According to the official release, "this crypto card supports end-users to spend crypto like fiat currency anytime, anywhere, across multiple scenarios with their preferred brands."
When the program was first introduced, the exchange made it clear that customers in a few nations—the United States, Canada, Singapore, Japan, the United Kingdom, the United Arab Emirates, and Australia—could not access it. Binance is having trouble with regulations in a lot of these areas.
June 2024, Cryptoniteuae