In accordance with a communication received on Thursday via email, Mastercard (MA.N) and cryptocurrency exchange Binance will conclude their four cryptocurrency card initiatives in Argentina, Brazil, Colombia, and Bahrain effective September 22.
Through the utilization of their Bitcoin assets on the platform, individuals utilizing Binance’s cards can conduct transactions in traditional currencies.
On its website, Mastercard also lists alliances with cryptocurrency exchanges like Gemini. According to the spokeswoman, the decision will not have an effect on any of Mastercard’s other crypto card schemes.
Binance is currently grappling with regulatory and legal challenges. In June, authorities in the United States initiated legal action against the cryptocurrency exchange and its CEO, Changpeng Zhao, accusing them of orchestrating a complex scheme of misleading activities. Binance has firmly committed to vigorously defending itself against these allegations.
Raj Dhamodharan, the president of Mastercard’s blockchain and cryptocurrency division, told Reuters in April that the corporation was looking to expand its collaborations with crypto businesses. Although he declined to speak specifically about Binance, he did say that any card programme “goes through full due diligence” and is constantly checked.
A Mastercard representative declined to comment on the reasons behind the programme’s termination or the decision-maker.
An email request for a comment was not immediately answered by Binance. Earlier on Thursday, the exchange’s customer care account on X, formerly known as Twitter, said that users in Latin America and the Middle East would no longer be able to use the Binance Card.
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