The world’s second-largest payment processor Mastercard has said that it will end its crypto card partnership with Binance.
The card, currently available in Argentina, Bahrain, Brazil and Colombia, allows users to make payments in traditional local currencies funded by cryptocurrency holdings on the Binance exchange.
Mastercard has other partnerships with exchanges including Gemini, with Mastercard saying that the decision to drop Binance from 22 September will not impact any of its other crypto card programmes.
The news was later confirmed by Binance on Twitter – recently rebranded as X – with the exchange’s customer support account stating that the Binance Card "will no longer be available to users in Latin America and the Middle East."
Mastercard is yet to comment on why the Binance programme was ending or who made the decision.
Binance, the world’s largest crypto exchange, is facing a litany of legal and regulatory challenges across the globe. In June, the US Securities and Exchange Commission (SEC) filed 13 charges against Binance and its chief executive officer Changpeng Zhao, alleging that it operated a “web of deception” and carried out a “calculated evasion of the law”.
Binance has denied the charges and said that it will defend itself “vigorously.”
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