The world’s biggest crypto exchange, Binance, has reinstated Mastercard as a payment method after the credit card giant had previously halted its services for the platform last year. Mastercard users can once again buy crypto on Binance using their cards.
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Use Mastercard, Visa, or SEPA, for bank transfers, and experience smooth transactions!
Try it now 👉🏻 https://t.co/shCZx59fi3 pic.twitter.com/05pzOC3sjh
— Binance (@binance) June 6, 2024
Binance Seeks to Throw Out BSV Lawsuit
This move comes as Binance faces major legal troubles, including a massive lawsuit in the UK. BSV Claims, representing over 200,000 holders of the Bitcoin Satoshi Vision (BSV) token, is suing Binance and other top exchanges like Kraken for up to 10 billion pounds. They claim the platforms worked together to “delist” BSV in 2019, causing its value to drop sharply.
According to Reuters, Binance wants most of this case thrown out. Its lawyers argue that BSV holders who kept the token after the delisting made that choice freely. They say these users could have sold their BSV and put the money into similar cryptos.
Despite its legal issues, getting Mastercard back is a big win for the giant exchange. With Mastercard and Visa becoming more crypto-friendly, Binance likely wants their support. The return of Mastercard payments could make it easier for more people to trade on the platform. However, Mastercard has said it will keep checking up on Binance’s practices.
The BSV lawsuit highlights the risks exchanges face in the unregulated crypto market. Delisting is a powerful tool that can have major impacts on a token’s price and future. Some say such actions go against crypto’s decentralized spirit.
Final Word
As Binance fights the case, the key question is whether its delisting of BSV was fair play or foul. The outcome could influence how much power big exchanges have over smaller crypto projects. For BSV holders, billions ride on proving Binance and others plotted to sink their token.
No matter the result, the case is a reminder of the high stakes and shifting power dynamics in crypto. Even as the behemoth exchange patches things up with Mastercard, it has hard battles ahead in court. How Binance navigates its legal challenges could shape what the future of crypto looks like.
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