Mastercard, Visa steps back from Binance 💳💰

Mastercard and crypto exchange Binance are parting ways with their collaborative crypto card programs in Argentina, Brazil, Colombia, and Bahrain, effective from September 22nd. Visa also took a similar step back in July when it decided to end its card partnership with Binance in Europe.

A spokesperson from Mastercard announced this development via email, confirming the following key points:

• The crypto cards offered by Binance enabled users to pay in traditional currencies, using funds from their cryptocurrency holdings on the Binance platform.

• The discontinuation does not impact any of the other crypto card programs offered by Mastercard.

Binance faces additional challenges, including legal and regulatory issues. In June, U.S. regulators filed a lawsuit against Binance and its CEO, Changpeng Zhao, alleging a "web of deception." Binance has pledged to defend itself vigorously against these allegations.

The reasons behind the termination of the Binance program remain unclear, as neither Mastercard nor Binance representatives have offered any official explanation.