Mastercard and Binance have announced the termination of their crypto card programs in Argentina, Brazil, Colombia, and Bahrain, effective September 22, 2023. The partnership allowed users to make payments in traditional currencies using their cryptocurrency holdings on Binance. The decision will not affect Mastercard’s other crypto-card partnerships.
Binance Customer Support said on X: “The Binance Card will no longer be available to users in Latin America and the Middle East. The product, like most debit cards, has been utilized by Binance’s users to pay for basic daily expenses but in this case, the cards are funded with crypto assets. Only a tiny portion of our users (less than 1% of users in the markets mentioned) are impacted by this. Users of this product will have until September 21, 2023, when the card will no longer be available for use.
Binance accounts around the world are not affected. Where available, users can also shop with crypto and send crypto using Binance Pay, a contactless, borderless and secure cryptocurrency payment technology designed by Binance.”
A Mastercard spokesperson did not tell Reuters why the program was ending. Binance is currently facing legal challenges in the U.S., which may have influenced the decision.
Meanwhile, a Binance spokesperson has told Bloomberg that “Visa stopped issuing new co-branded cards with Binance in Europe as of July.”
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- Source: https://www.cryptocompare.com/email-updates/daily/2023/aug/25/
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