Binance, the world’s largest cryptocurrency exchange by trading volume, is unable to process payments for US customers using Visa and Mastercard credit cards. The problem appears to be related to a change in policy by the card companies, which began blocking transactions to cryptocurrency exchanges last week.
Binance has confirmed the problem on its support page, writing: “Visa and Mastercard have recently clarified their position on crypto purchases, resulting in the blockage of crypto purchases with credit cards.” The exchange says it is “working with” the card companies to find a solution.
It’s not clear why Visa and Mastercard have suddenly decided to block transactions to cryptocurrency exchanges. However, the move comes amid increasing scrutiny of the cryptocurrency industry by financial regulators around the world.
The US Securities and Exchange Commission (SEC) has warned investors about the risks of investing in cryptocurrencies, and has taken action against several exchanges and initial coin offerings (ICOs) for violating securities lAWS.
NOTE: WARNING:
It is important to be aware that Binance is not always able to process payments due to a variety of reasons. These include, but are not limited to, insufficient funds, incorrect payment details, and delays in processing payments. Additionally, some payment methods may not be accepted by Binance. If you experience any of these issues while attempting to make a payment via Binance, please contact customer support for assistance.
In December, the SEC shut down two exchanges, EtherDelta and CoinFlip, for operating without proper registration. And last week, the SEC announced charges against an ICO operator who allegedly defrauded investors out of $32 million.
The increased regulatory scrutiny may be one reason why Visa and Mastercard are now blocking transactions to cryptocurrency exchanges. However, it’s also possible that the card companies are simply trying to protect customers from fraudsters who might use stolen credit cards to buy cryptocurrencies.
Whatever the reason, the block on transactions to cryptocurrency exchanges is likely to be a major inconvenience for US customers of Binance. The exchange is one of the most popular in the world, and allows users to buy and sell a wide variety of digital assets.
If you’re a US customer of Binance who wants to buy cryptocurrencies with a credit card, you may have to look for another exchange. Or you could use a different payment method altogether, such as a bank transfer or cryptocurrency.
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