(cover photo credit: https://pixabay.com/)
The second-biggest payments network in the world, Mastercard, shut down the biggest cryptocurrency exchange in terms of trading volume last August. This was concurrent with Binance's growing legal issues. The U.S. Securities and Exchange Commission filed a lawsuit against Binance in June 2023, alleging that it was operating in the country as an unregistered trading platform and breaking securities laws.
When Binance was compelled to pay $4.3 billion to settle with the U.S. Department of Justice (DOJ) after admitting guilt to permitting widespread money laundering on the exchange, its legal problems reached a breaking point in late 2023. The exchange's veteran CEO, Changpeng Zhao, resigned and was eventually given a four-month prison sentence.
Richard Teng, the new CEO of Binance, has emphasized the significance of regulatory compliance on numerous occasions in an effort to repair the exchange's damaged reputation.
Mastercard made a U-turn after evaluating Binance's most recent attempts to put in place more stringent restrictions. But the capacity to make more purchases is dependent on the credit card giant's upcoming evaluations.
Mastercard has always been interested in cryptocurrencies, with a particular emphasis on the potential of blockchain technology to improve payments.
Alongside brands like IBM and Alibaba, it was named as one of the top firms by a number of blockchain-related patents in 2018. In collaboration with Circle, it began evaluating the feasibility of using stablecoins for payment processing in 2020. In order to enable its users to buy non-fungible tokens, it partnered with cryptocurrency payment service MoonPay in 2022.
https://x.com/Md2636357Rio/status/1798825535650542022
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