Mastercard and crypto exchange Binance have announced that they will suspend their cryptocurrency card services, in Argentina, Brazil, Colombia, and Bahrain starting from September 22nd. This means that users will no longer be able to use their cryptocurrency holdings to make transactions in currencies through Binance cards. However, it’s important to note that this decision will not have any impact, on Mastercard crypto programs. It seems like Binance is currently facing challenges as it defends itself against accusations of engaging in operations.
Mastercard and the cryptocurrency exchange Binance have announced that they will be discontinuing their four card programs, in Argentina, Brazil, Colombia, and Bahrain starting from September 22nd. This decision was confirmed by a spokesperson from Mastercard.
The Binance cards enable users to make payments using currencies, which are funded by their cryptocurrency holdings on the exchange. It is worth noting that the Mastercards website also mentions partnerships with exchanges like Gemini. However, it is important to clarify that this move will not have any impact on Mastercard’s existing card programs as stated by the spokesperson.
Binance has recently been facing regulatory challenges. In June U.S. Regulators filed a lawsuit against the crypto exchange and its CEO Changpeng Zhao for engaging in regulation evasive practices. Binance has made it clear that it plans to defend itself against these allegations.
Back in April Raj Dhamodharan, Head of Crypto and Blockchain at Mastercard expressed interest in establishing partnerships with cryptocurrency firms during an interview with the media. Although he did not specifically mention Binance at the time he emphasized that any card program undergoes due diligence processes and continuous monitoring.
Today on X (formerly known as Twitter) Binance customer support account announced that the Binance Card will no longer be available to users, in Latin America and the Middle East.
Note-: Binance Holdings Ltd., also known as Binance is a company that runs the largest cryptocurrency exchange, in terms of daily trading volume. It was established in 2017 by Changpeng Zhao, a developer with experience in creating frequency trading software. Initially located in China Binance later relocated its headquarters outside of China just before the government implemented regulations, on cryptocurrency trading.
