Mastercard and Binance Closed Their Crypto Card Partnership in Selected Areas

Mastercard, a global payment giant, and Binance, a leading crypto exchange platform, have jointly decided to terminate their crypto card programs. This discontinuation, effective from September 22, affects four countries specifically: Argentina, Brazil, Colombia, and Bahrain.

These specialized Binance cards allowed their users to carry out transactions using conventional money, with the source of these funds being their crypto assets held on Binance.

Although Mastercard has other collaborations in place with crypto platforms, such as Gemini, this recent development will not interfere with these existing partnerships or programs.

Recently, Binance came under the regulatory radar and faced lawsuits from U.S. authorities. In June, allegations arose against the exchange and its CEO, Changpeng Zhao, for supposedly operating under misleading pretenses. Standing its ground, Binance has declared its intent to stoutly defend against these charges.

In an earlier conversation with Reuters, Raj Dhamodharan, Mastercard's leader for crypto and blockchain initiatives, emphasized the company's interest in furthering ties with crypto enterprises. Although he refrained from commenting on the specifics of their relationship with Binance, he did highlight the rigorous screening processes in place for all of Mastercard's card programs.

When approached for clarification regarding the decision to cease the Binance card program and the stakeholders involved in this choice, a representative from Mastercard chose to remain silent. Meanwhile, Binance's customer support, using the platform X previously known as Twitter, communicated earlier that their Binance Card would cease to be operational for their user base in Latin America and the Middle East.

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