By 
Mastercard and Binance have announced the discontinuation of their partnership involving four crypto card programs in Argentina, Brazil, Colombia, and Bahrain, effective by September 22nd of this year.
The collaboration between Mastercard and Binance was initially unveiled just a year ago, with beta tests launched in Argentina. This innovative card allowed Binance users to seamlessly convert cryptocurrencies into fiat currency in real-time during their point-of-sale transactions.
While a spokesperson for Mastercard informed Reuters that this decision will not impact the company’s other crypto card initiatives, they refrained from providing insight into the reasons behind the conclusion of their partnership with Binance.
In a similar vein, a representative from Binance shared with Bloomberg that Visa had ceased issuing new Binance co-branded cards back in July.
Throughout this year, Binance has encountered several controversies, including legal challenges such as the US Securities and Exchange Commission’s lawsuit against the company and CEO Changpeng Zhao. The lawsuit alleges a range of securities law violations and accuses the world’s largest cryptocurrency exchange of engaging in an “extensive web of deception.”
Notably, the introduction of Binance Pay was rolled out exclusively in Brazil this past August.
Comments