Mastercard and Binance Cryptocurrency Card Partnership to End
Joint Effort between Mastercard and Binance
The joint effort between Mastercard and Binance to offer cryptocurrency card services in Argentina, Brazil, Colombia and Bahrain will finish on Sept. 22.
Binance Cards Enable Users to Use Regular Currencies
Binance cards enable users to use regular currencies like USD to make purchases, backed by their cryptocurrency holdings on Binance.
Impact on Other Mastercard Cryptocurrency Card Partnerships
The end of this collaboration does not affect other Mastercard cryptocurrencies card partnerships, like the one with Gemini, a cryptocurrency exchange.
Reasons for Termination
MasterCard did not disclose the exact reasons for terminating their partnership with Binance. However, in line with its policies, the company conducts comprehensive assessments and continuous monitoring for all crypto-related partnerships.
Downtime of Card Services in Certain Regions
Although Binance has not officially addressed the situation, its client support accounts on X platform reported downtime of card services in certain regions, such as Latin America and the Middle East.
Legal and Regulatory Issues for Binance
Binance is currently dealing with legal and regulatory issues around the world. The US Securities and Exchange Commission (SEC) filed a lawsuit against the exchange and its CEO, Changping Zhao, accusing them of deceptive practices.
