Mastercard will no longer offer Binance-branded cards in Latin America and the Middle East, which let customers user their crypto to purchase goods.
Mastercard will no longer offer Binance-branded cards in Latin America and the Middle East, which let customers user their crypto to purchase goods, Binance said Thursday.
The development is a sign of how traditional financial institutions are growing wary of working with the company as it faces intense regulatory scrutiny and wider concerns around financial compliance within the crypto industry. "Only a tiny portion of our users are impacted by this. Users of this product will have until September 21, 2023, when the card will no longer be available for use."
Mastercard confirmed that it is ending the partnership, with a spokesperson telling CNBC that, from Sept. 22, four pilot Binance co-branded Mastercard card programs the company had with Binance in Argentina, Brazil, Colombia and Bahrain "will no longer be in use."
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