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Binance Crypto Exchange Business Soars Throughout 2024, What's Driving It?

Previously, cryptocurrency exchange Binance reopened its cryptocurrency purchasing service for Mastercard users on its platform, after the banking giant from the United States stopped the service in August 2023.

Mastercard's 2023 decision to part ways with Binance came as the exchange was facing lawsuits in the United States, including multiple lawsuits by the US Securities and Exchange Commission (SEC) and the US Commodity Futures Trading Commission (CFTC).

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“After an extensive review of the strict controls and processes Binance implements, Mastercard made the decision to allow Binance-related purchases on its network,” a Binance spokesperson said in an email message, quoted from Coindesk, Saturday (8/6/2024).

“We hope to add support for further products, such as recalls, at a later date,” Binane explained.

Meanwhile, Mastercard confirmed the restoration of its services on Binance, but added a caveat.

“Over the past several months, we have reviewed the improved controls and processes that Binance has implemented. It is based on those efforts that we decided to allow Binance-related purchases on our network,” a Mastercard spokesperson told CoinDesk.

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This status is subject to ongoing reviews.

Reportedly, the two banking giants Visa and Mastercard are very enthusiastic about crypto lately, one of which is by presenting Web3 and the standalone wallet space.

Mastercard itself has begun implementing the first real-world Crypto Credentials system, allowing users to transfer cryptocurrency using a simple alias.

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Binance Crypto Exchange Business Soars Throughout 2024, What's Driving It?

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