Mastercard and Binance, a prominent cryptocurrency exchange, have announced the termination of their partnership involving four crypto card programs across Argentina, Brazil, Colombia, and Bahrain. The collaboration initially began with beta tests in Argentina around a year ago, enabling Binance users to seamlessly convert cryptocurrencies into fiat currency at the moment of purchase.
However, the partnership is set to conclude on September 22, marking the end of this particular endeavor. Although both companies have revealed their decision to end the joint crypto card programs, they have refrained from disclosing the specific reasons behind this development.
Notably, this move by Mastercard and Binance will not impact other cryptocurrency card programs maintained by Mastercard. Similarly, a recent Bloomberg report indicated that Visa had ceased issuing new Binance co-branded cards as of July.
Binance has faced its fair share of controversies this year, including legal challenges such as a lawsuit by the US Securities and Exchange Commission (SEC). The lawsuit alleges a range of securities law violations against both the company and its CEO, Changpeng Zhao. The SEC accuses Binance of being involved in an intricate network of deception.
Despite the cessation of this particular partnership, Binance continues to expand its presence in the cryptocurrency market. For instance, Binance Pay recently made its debut in Brazil in August, demonstrating the exchange’s ongoing efforts to innovate and provide new solutions within the crypto landscape.