While reasons behind ending the crypto card partnership were not discussed, one of them could be Binance’s legal and regulatory challenges against U.S. regulators, who have even alleged the company for operating a “web of deception.”
Mastercard and Binance are officially ending their four crypto card programmes in Argentina, Brazil, Colombia and Bahrain by 22nd September 2023.
Cryptocards built in collaboration with crypto exchanges such as Binance and payment processing corporations such as Mastercard are built to allow users to make payments through their cryptocurrency holdings on the particular exchange.
Mastercard features a list of partner cryptocurrency exchanges such as Gemini on its website, however, this decision to end crypto card partnership with Binance will not affect Mastercard’s partnership with any other exchange.
While reasons behind ending the crypto card partnership were not discussed, one of them could be Binance’s legal and regulatory challenges against U.S. regulators, who have even alleged the company for operating a “web of deception.”
US regulators have currently sued Binance and its CEO Changpeng Zhao, with Binance saying that it would be ready to defend itself “vigorously.”
Mastercard’s head of crypto and blockchain, Raj Dhamodharan, who was bullish about the idea of partnership with more and more crypto firms, has refused to comment on the recent halt of its partnership with Mastercard.
Binance has also not commented on the matter, with only its X support account saying that the Binance Card “will no longer be available to users in Latin America and the Middle East.”
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