Binance and Mastercard end partnership for crypto card services
Mastercard has announced that its joint effort with Binance to offer crypto card services in Argentina, Brazil, Colombia, and Bahrain will come to an end on September 22. This means that users in these regions will no longer be able to use the Binance Card to make purchases with their crypto holdings. However, this decision does not affect Mastercard’s other partnerships in the crypto card space, such as the one with Gemini.
- The partnership between Mastercard and Binance for crypto card services in certain regions will end on September 22
- Users can no longer use the Binance Card to make purchases with their crypto holdings
- Mastercard’s other crypto card partnerships, like the one with Gemini, are not affected
- Mastercard has not provided specific reasons for ending the partnership
- Binance is facing legal and regulatory issues, including a lawsuit from the SEC
While Mastercard has not publicly disclosed the exact reasons for ending the partnership, the company follows a thorough assessment and continuous monitoring process for all crypto-related partnerships. Binance has not officially addressed the situation, but their customer support account mentioned the discontinuation of card services in Latin America and the Middle East. Binance is currently dealing with legal challenges, including a lawsuit filed by the SEC alleging deceptive practices.
Hot Take: The end of the partnership between Mastercard and Binance for crypto card services reflects the challenges and uncertainties surrounding the crypto industry. With increased regulatory scrutiny, companies in the space face complex legal issues that can impact their partnerships and services.
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