Mastercard Ends Partnership with Binance Amid Regulatory Scrutiny
Summary:
Mastercard is ending its partnership with Binance, the cryptocurrency exchange, resulting in the termination of all co-branded crypto card programs in Argentina, Brazil, and Colombia. This decision comes amid increased regulatory scrutiny faced by Binance, with other firms like Visa also distancing themselves from the exchange.
Mastercard will be terminating its partnership with Binance, the global cryptocurrency exchange, next month. The decision will impact all co-branded crypto card programs in Argentina, Brazil, and Colombia, but will not affect any other crypto card programs. The prepaid crypto card provided by Mastercard and Binance allows users to make payments in local fiat currencies using their crypto holdings. Cardholders will have a wind-down period to convert their holdings in their Binance wallets. While the reason for the change was not specified by Mastercard, reports suggest it may be linked to increased regulatory scrutiny faced by Binance. This announcement comes a year after the initial partnership between the two companies and follows other firms distancing themselves from Binance amidst regulatory issues. Visa, for example, has stopped issuing new co-branded cards with Binance in Europe since July.
Published At
8/25/2023 7:12:53 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.