Binance Resumes Mastercard Payments for Dogecoin and Ripple

Binance users can now once again use their Mastercard to purchase a variety of crypto assets, including Dogecoin (SHIB) and Ripple (XRP).
This became possible after Mastercard resumed crypto purchases and deposits on Binance through its payment network.
Mastercard resumes card payments on Binance
For starters, in August 2023, when Binance was under significant regulatory and legal scrutiny around the world, Mastercard discontinued the service. In particular, the leading exchange faced multiple charges from U.S. regulators, including the SEC and CFTC.
Last year, Binance and its former CEO Changpeng Zhao (CZ) pleaded guilty to violating the U.S. Bank Secrecy Act. As part of the agreement, Binance agreed to pay a fine of more than $4 billion, register with FinCEN, and implement an effective anti-money laundering program.
With most of Binance’s regulatory troubles resolved, a spokesperson for the exchange claimed that Mastercard has lifted its ban on crypto purchases on the exchange. Mastercard has resumed crypto purchases through its network following an extensive review of certain controls implemented by the exchange, a spokesperson revealed.
According to the spokesperson, the exchange will add withdrawal support for the second-largest payment network in the future.
A Mastercard representative also confirmed the development in a statement. The official said the company restored the service after evaluating the controls implemented by the exchange. However, the spokesperson noted that the current status could change based on ongoing evaluations.
Mastercard's alliance with crypto firms
Mastercard has long been a pro-crypto company, recently showing enthusiasm for the emerging asset class. In March, Mastercard endorsed Ripple, a crypto payments company that is one of the leading companies shaping the cross-border remittance space in Latin America.
Interestingly, Mastercard has taken its appreciation for Ripple to a higher level and partnered with the company to launch its central bank digital currency (CBDC) initiative. In addition to Ripple, Mastercard has also partnered with top crypto-related companies including Consensys and Indonesian exchange Fasset.
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