According to a CoinDesk report, Binance, the world’s largest and certainly most embattled crypto exchange, is again enabling Mastercard users to purchase cryptocurrencies on its platform. Mastercard suspended this capability in August 2023. MasterCard has confirmed the restoration of the debit card service. This is incomprehensible because a fake review investigation is currently underway on Trustpilot, and Binance’s TrustScore rating is, therefore, suspended.
Even before the Binance account was suspended, the crypto exchange had only a 1.5-star rating, which means scam level. This is in line with the assessment of the financial intelligence platform FinTelegram, which has pointed out the many complaints from Binance customers, including the freezing of customer funds, in its #BinanceWatchdog initiative.
While Mastercard withdrawal services have not yet resumed, they are expected to be reinstated at a later date.
The resumption of services marks a significant turn for Binance, which faced a turbulent period last year. The card networks’ decision to sever ties with Binance coincided with the exchange’s legal challenges in the U.S., including multiple charges by the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC).
Mastercard has confirmed the restoration of its services but emphasized the need for ongoing oversight. A Mastercard spokesperson stated to CoinDesk, “Over the past several months, we have reviewed the enhanced controls and processes that Binance has put into place. It is based on those efforts that we have decided to allow Binance-related purchases on our network. This status is contingent on ongoing reviews.”
This move by Mastercard reflects a broader trend among major payment networks. Both Visa and Mastercard increasingly embrace crypto. This enthusiasm signals a growing recognition of the potential of cryptocurrencies and blockchain technology in the financial industry.
Until the fake review investigations by Trustpilot are resolved, PayRate42 is downgrading the risk rating of Binance from Orange to red.