It has been announced that the partnership between Mastercard and Binance will end.
Payment giant Mastercard and cryptocurrency exchange Binance stated that their partnership will be terminated. The two companies made statements on the subject.
Binance and Mastercard terminate partnership
The partnership of Mastercard and crypto exchange Binance is coming to an end. Mastercard, through a spokesperson, stated that it will terminate the four crypto card programs Mastercard and Binance run in Argentina, Brazil, Colombia and Bahrain by September 22. Binance cards allowed users to pay with traditional currencies funded by crypto assets on Binance.
Mastercard’s website also lists its partnerships with other crypto exchanges such as Gemini, showing its interest in the cryptocurrency industry. However, it was stated that this decision will not affect other crypto card programs.
Binance is facing serious challenges from US regulators. In June, a lawsuit was filed in the US on “deceptive business” charges against Binance and CEO Changpeng Zhao. Binance has announced that it will “strongly” deny these accusations.
Mastercard’s head of crypto and blockchain, Raj Dhamodharan, said in an April statement that the company is exploring further collaboration with crypto companies. Refraining from making a specific comment about Binance, he stated that all card programs are constantly reviewed and monitored.
