Mastercard cuts ties with Binance

Alex Omenye
Alex Omenye

Mastercard and cryptocurrency exchange Binance will discontinue their four crypto card programmes in Argentina, Brazil, Colombia, and Bahrain, from September 22,

Earlier on Thursday, the exchange’s customer care account on X, formerly known as Twitter, said that the card “will no longer be available to users in Latin America and the Middle East.”

By using their Bitcoin holdings on the exchange, users of the Binance cards are able to make purchases in conventional currencies.

On its website, Mastercard also lists partnerships with cryptocurrency exchanges like Gemini. According to the spokeswoman, the decision will not have an effect on any of Mastercard’s other crypto card schemes.

Regulatory and legal issues are plaguing Binance. In June, U.S. regulators filed a lawsuit against the cryptocurrency exchange and Changpeng Zhao, its CEO, for allegedly running a “web of deception.” Binance has vowed to defend itself “vigorously.”

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