What up with Binance and MasterCard?

MasterCard Ends Partnership with Binance Amid Regulatory Concerns

MasterCard has decided to terminate its four-year partnership with Binance, the world's largest cryptocurrency exchange. The collaboration, providing services to Binance users in Argentina, Brazil, Colombia, and Bahrain, will conclude on September 22. Although the reason hasn't been explicitly stated, increased regulatory scrutiny surrounding Binance seems to be a likely factor. Visa also ceased issuing co-branded cards with Binance in Europe in July.

The joint prepaid crypto card, allowing payments in local fiat currencies using Binance holdings, was launched in Argentina and later expanded to Latin America. This decision comes amid Binance's recent discontinuation of its regulated buy-and-sell crypto arm and the discontinuation of its crypto-backed debit card service in Latin America and the Middle East.

Binance has faced legal challenges, including lawsuits by US regulators for alleged deceptive operations and improper registration. The US Department of Justice is investigating Binance for enabling Russians to use the exchange in violation of US sanctions.

The termination of the MasterCard partnership underscores the mounting regulatory obstacles Binance is confronting. This reflects the broader shifts in the relationship between traditional financial institutions and the evolving cryptocurrency landscape.

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