LONDON, Aug 24 (Reuters) – Mastercard (MA.N) and crypto exchange Binance will terminate their four crypto card programs in Argentina, Brazil, Colombia, and Bahrain as of Sept. 22, according to a spokesperson for Mastercard via email on Thursday. The Binance cards enable users to make payments in traditional currencies using their cryptocurrency holdings on the exchange. Mastercard’s website also lists partnerships with crypto exchanges, including Gemini. The spokesperson clarified that this decision will not affect any of Mastercard’s other crypto card programs. Binance is currently facing legal and regulatory challenges, as U.S. regulators filed a lawsuit against the crypto exchange and its CEO Changpeng Zhao in June, alleging deceptive operations. Binance has stated that it will vigorously defend itself. In April, Mastercard’s head of crypto and blockchain, Raj Dhamodharan, mentioned that the company is actively seeking more partnerships with crypto firms. However, he did not comment specifically on Binance, but emphasized that all card programs undergo thorough due diligence and continuous monitoring. The spokesperson for Mastercard declined to provide details on why the Binance program is ending or who made the decision. Binance has not yet responded to a request for comment. Earlier on Thursday, Binance’s customer support account on X (formerly known as Twitter) announced that the Binance Card will no longer be available to users in Latin America and the Middle East. Reporting by Elizabeth Howcroft, with additional reporting by Tom Wilson; Editing by Susan Fenton
Source from www.reuters.com
