Partnership Between Mastercard and Binance Ending
Mastercard and cryptocurrency exchange Binance are ending their partnership for crypto cards, affecting programs in Argentina, Brazil, Colombia, and Bahrain starting September 22. Binance users in Latin America and the Middle East will no longer have access to the Binance Card. The decision does not impact other crypto card programs. This termination comes as Binance faces legal battles with regulators, including the SEC and CFTC. The SEC filed 13 charges against Binance entities and CEO Changpeng Zhao in June. Despite these challenges, Binance recently announced that it has reached 150 million registered users.
Key Points:
- Mastercard and Binance are ending their partnership for crypto cards.
- Programs in Argentina, Brazil, Colombia, and Bahrain will be affected.
- Latin American and Middle Eastern Binance users will no longer have access to the Binance Card.
- The decision does not impact other crypto card programs.
- Binance is currently facing legal battles with regulators, including the SEC and CFTC.
Hot Take:
The termination of the partnership between Mastercard and Binance is a significant development in the crypto industry. It reflects the challenges and regulatory scrutiny that Binance is currently facing. This decision may have a ripple effect on the perception and adoption of crypto cards in the market. It also highlights the importance for crypto exchanges to maintain compliant operations to ensure long-term partnerships with established financial institutions.
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