Mastercard Scraps Crypto Card Collaboration With Binance

Mastercard is only terminating the issuance of Binance-branded crypto cards in Latin America and the Middle East. These crypto cards allow users to purchase goods using cryptocurrency. In a statement to CoinDesk, a Mastercard spokesperson confirmed, “We had four pilot programs in the market with them – Argentina, Brazil, Colombia and Bahrain. This decision applies to each of these Binance programs. There is no impact on any other crypto card program.” Users will no longer be able to use their crypto cards starting on September 21, 2023, according to an X post by Binance.

Binance has been undergoing a slew of legal challenges in the United States and has faced backlash from regulators, including the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

While Mastercard is being cautious, their spokesperson said this has “no impact on our wider commitment to enabling and securing digital assets, which we continue to support.”