The announcement comes amid consistent low cryptocurrency prices and heightened scrutiny of the industry
Global payment giant Mastercard and cryptocurrency exchange Binance are set to discontinue their collaboration on crypto card programs across four countries—Argentina, Brazil, Colombia, and Bahrain—effective September 22, as reported by Reuters.
Binance’s crypto cards enable users to conduct transactions in traditional currencies using funds from their cryptocurrency holdings on the exchange.
Mastercard’s website also outlines partnerships with other crypto exchanges like Gemini. The decision, however, will not impact Mastercard’s other ongoing crypto card initiatives, as clarified by a spokesperson.
Facing ongoing legal and regulatory hurdles, Binance and its CEO Changpeng Zhao were sued by U.S. regulators in June for alleged deceptive practices. In response, Binance vowed a robust defence.
Despite this development, Mastercard’s commitment to forging partnerships with cryptocurrency firms remains.
The company’s head of crypto and blockchain, Raj Dhamodharan, previously emphasised thorough due diligence and continuous monitoring for all card programs.
A statement from Binance’s customer support account on X (formerly Twitter) indicated that the Binance Card would cease to be available for users in Latin America and the Middle East.
