The world’s second-largest payment processor Mastercard has said that it will end its crypto card partnership with Binance.
The card, currently available in Argentina, Bahrain, Brazil and Colombia, allows users to make payments in traditional local currencies funded by cryptocurrency holdings on the Binance exchange.
Mastercard has other partnerships with exchanges including Gemini, with Mastercard saying that the decision to drop Binance from 22 September will not impact any of its other crypto card programmes.
The news was later confirmed by Binance on Twitter – recently rebranded as X – with the exchange’s customer support account stating that the Binance Card "will no longer be available to users in Latin America and the Middle East."
Mastercard is yet to comment on why the Binance programme was ending or who made the decision.
Binance, the world’s largest crypto exchange, is facing a litany of legal and regulatory challenges across the globe. In June, the US Securities and Exchange Commission (SEC) filed 13 charges against Binance and its chief executive officer Changpeng Zhao, alleging that it operated a “web of deception” and carried out a “calculated evasion of the law”.
Binance has denied the charges and said that it will defend itself “vigorously.”
Latest News
-
OpenAI and Stripe bring direct purchasing to ChatGPT
-
Visa launches new hub to boost AI in commercial payments
-
Lloyd’s partners with Ireland’s Department of Finance for InsurTech innovation
-
JPMorgan fraud case sees Frank founder Charlie Javice jailed for seven years
-
Moneybox scales homebuyer offering with First Mortgage partnership
-
Deutsche Bank completes first euro cross-border payment via blockchain
Data trust in the AI era: Building customer confidence through responsible banking
In the second episode of FStech’s three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech examines the critical relationship between data trust, transparency, and responsible AI implementation in financial services.
Banking's GenAI evolution: Beyond the hype, building the future
In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.
Beyond compliance: Building unshakeable operational resilience in financial services
In today's rapidly evolving financial landscape, operational resilience has become a critical focus for institutions worldwide. As regulatory requirements grow more complex and cyber threats, particularly ransomware, become increasingly sophisticated, financial services providers must adapt and strengthen their defences. The intersection of compliance, technology, and security presents both challenges and opportunities.
Unleashing generative AI: A force multiplier for financial crime teams
This FStech webinar, sponsored by NICE Actimize sees industry experts examine the revolutionary impact of generative AI on financial crime operations, and provides actionable insights to enhance your compliance strategies.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories