In a significant development, Mastercard has reinstated crypto purchases on Binance, allowing users to buy various cryptocurrencies, including Shiba Inu (SHIB) and XRP (XRP), using their Mastercard. This move comes after Mastercard suspended crypto purchases and deposits on Binance in August 2023 due to regulatory and legal issues.

Binance faced multiple charges from US regulators, including the SEC and CFTC, and pleaded guilty to violating the US Bank Secrecy Act. As part of the plea agreement, Binance agreed to pay a $4 billion fine, register with FinCEN, and implement an effective anti-money laundering program.

After an extensive review of Binance's controls, Mastercard has lifted the ban on crypto purchases. A spokesperson for Binance confirmed the development, stating that Mastercard resumed crypto purchases via its network. Mastercard also plans to add support for withdrawals on Binance in the future.

Mastercard has shown enthusiasm for cryptocurrencies, partnering with crypto companies like Ripple, Consensys, and Fasset. The resumption of crypto purchases on Binance marks a significant step in Mastercard's alliance with the crypto industry.

It is important to note that the current status is subject to change based on ongoing assessments. Investors are advised to conduct thorough research before making any investment decisions.