Binance to End Crypto Card Partnership With Master card

Binance to End Crypto Card Partnership With Master card

Four crypto card programs in Argentina, Brazil, Colombia and Bahrain will end on September 22, according to an email from a MasterCard representative on Thursday.

Using their Bitcoin holdings on the exchange, Binance Cards users are able to make purchases in traditional currencies. On its website, MasterCard also lists partnerships with cryptocurrency exchanges such as Gemini. According to the representative, the decision will not affect MasterCard’s other crypto card programs.

Regulatory and legal issues plague Binance. In June, US regulators filed a lawsuit against a cryptocurrency exchange and its CEO Changpeng Zhao for allegedly running a “web of fraud.” Binance has vowed to “vigorously” defend itself.

Raja Dhamudharan, president of MasterCard’s blockchain and cryptocurrency division, said in April that the corporation wants to expand its cooperation with cryptocurrency businesses. While he declined to discuss Binance specifically. He did say that any card program “goes through full due diligence” and is constantly checked.

A MasterCard representative declined to comment on the termination of the program or the reasons behind the decision.

An email request for comment was not immediately responded to by Binance. Earlier on Thursday, the customer care account of the exchange. Formerly known as Twitter, said that users in Latin America and the Middle East would no longer be able to use Binance Cards.


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