Mastercard, Binance to end crypto card partnership
Mastercard and Binance will end their crypto card programs in several countries, including Argentina, Brazil, Colombia, and Bahrain, as of September 22.
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Posted 8/24/2023, 5:25:00 PM
reuters.com
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Binance, the world's largest cryptocurrency exchange, caused confusion by mistakenly announcing on social media that euro transactions were no longer available, but it was clarified that euro transactions will continue until September 25th with Binance's banking partner in the region. However, the exchange is currently facing legal troubles and difficulties in various countries, making it challenging to find alternatives.
Binance Pay has launched in Brazil, partnering with local businesses to accept cryptocurrencies such as SHIB, Bitcoin, and XRP, which has led to increased adoption of these major cryptocurrencies in the country's financial landscape.
Cryptocurrency exchange Binance will suspend its crypto debit card services in Latin America and the Middle East without providing a specific reason, impacting less than 1% of users in those regions.
Mastercard and Visa will end their partnerships with crypto exchange Binance, discontinuing their crypto card offerings in several countries by September 2022.
Binance has lost business with Mastercard and Visa as traditional financial institutions become wary of working with the cryptocurrency exchange due to regulatory scrutiny and concerns over compliance within the crypto industry.