Mastercard ends its partnership with Binance for crypto cards

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End of the partnership between Mastercard and Binance

Mastercard and cryptocurrency exchange Binance end their crypto card partnership. According to the payments giant, the move affects the four crypto card programs jointly run by Mastercard and Binance in Argentina, Brazil, Colombia and Bahrain.

Mastercard and crypto exchange Binance are ending their crypto card partnership, Bloomberg reported Thursday, referring to an emailed statement from a Mastercard spokesperson.

The decision affects the four crypto card programs jointly run by Mastercard and Binance in Argentina, Brazil, Colombia and Bahrain. The start date for the end of the partnership is September 22, the information portal reported. The spokesperson declined to give a reason for the end of the partnership.

The Binance customer support team also stated on social media platform X:

Binance Card will no longer be available to users in Latin America and the Middle East.

“Binance cards, like most debit cards, were used by users to cover basic daily expenses, but these cards are funded by cryptocurrencies. Only a small percentage of our users (less than 1% of users on these markets) is affected,” Binance explained. “Users of this product have until September 21, 2023, when the card can no longer be used.”

Commenting on the September deadline, the spokesperson said: “This provides cardholders with a transition period to trade their stocks in their Binance wallet… There is no impact on other trading programs. cryptographic cards”.

Mastercard's decision to end its partnership with Binance came as the exchange is engaged in several disputes with regulatory authorities, including the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). In June, the SEC filed 13 charges against Binance and its CEO Changpeng Zhao (CZ). In March, the CFTC filed charges against Binance and CZ for “deliberately circumventing federal laws and operating an illegal digital asset derivatives exchange.”

Earlier this month, Zhao announced that the number of registered users on the Binance platform had reached 150 million.

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