Mastercard and Binance have stopped issuing cards in some countries
Mastercard and Binance have stopped issuing cards in some countries
Mastercard and Binance have announced that they are shutting down their cryptocard programs in Argentina, Brazil, Colombia, and Bahrain due to legal issues.
The closure of the cryptocard programs in the four countries, scheduled for September 22, will not affect Mastercard's other offerings, a spokesperson said.
The decision will affect most of the exchange's clients, who use Binance cards to make payments in traditional currencies funded by their cryptocurrency assets on the platform, Reuters reported.
It's worth noting that cryptocurrency exchange Binance is under scrutiny by many regulators not only in the United States but also in Canada, France, and Australia due to legal and regulatory concerns. The U.S. Securities and Exchange Commission has filed a lawsuit against the exchange and its CEO, Changpeng Zhao, accusing them of fraudulent operations. In response, Zhao assured the public that Binance is prepared to defend its legal actions in court, as it is fully committed to complying with all relevant regulations and rules.
At the same time, Mastercard's Head of Crypto and Blockchain, Raj Dhamodharank, said that the company is looking to expand partnerships with crypto companies but declined to comment on the situation with Binance, adding that any card issuance program is always under close scrutiny.
In addition, after this information was made public, a Binance spokesperson said that Visa has stopped issuing cards in Europe in conjunction with the exchange since July.
Earlier, Binance updated its zero-fee Bitcoin trading program.
