In a significant move affecting the world of
cryptocurrency and traditional finance, MasterCard and Binance have decided to
end their partnership on crypto card programs in several countries. This
decision reflects the challenges Binance is facing as traditional financial
institutions distance themselves from the crypto landscape.
According to a report by
Reuters citing the exchange’s spokesperson, Binance and MasterCard will end
their four crypto card programs in Argentina, Brazil, Colombia, and Bahrain on September 22. These programs enable users to conduct transactions in
traditional currencies while utilizing their crypto holdings stored on Binance.
This partnership discontinuation is not an isolated
event, as it follows Visa’s earlier move to cease issuing co-branded cards with
Binance in Europe. Binance has also experienced setbacks related to banking
services, including being cut off from the US banking system and losing the
ability to accept specific bank transfers in Australia.
Yesterday (Thursday), Finance
Magnates reported that
Binance has announced a discontinuation
of its crypto-backed debit card services in Latin America and the Middle East. In its
communication, Binance clarified that Binance Card, which facilitates
transactions with crypto assets, will no longer be accessible to users in the
affected region from September 21, 2023.
In light of Binance
Card’s exit from Latin America and the Middle East, the exchange
