Mastercard Ends Binance Card Partnership in Latest Crypto Setback

Mastercard has ended its partnership with Binance, a cryptocurrency exchange, impacting users in Argentina, Brazil, Colombia, and Bahrain. The partnership, which was announced in 2021, allowed users to make purchases with their Binance cards at Mastercard merchants around the world.

In a statement, Mastercard said that it ended the partnership due to “evolving regulatory landscape”. The company did not elaborate on what specific regulations were the cause of the decision.

The end of the partnership will affect a small number of Binance users. According to Binance, only about 1% of its users in the affected markets were using the Binance card.

It is important to note that Binance appears to be scaling back its card partnerships, as it has also temporarily suspended its collaboration with Visa. This indicates a shifting landscape in the cryptocurrency industry and highlights the challenges faced by major players like Binance.

The termination of the Mastercard-Binance card partnership reflects the evolving regulatory environment surrounding cryptocurrencies. As the industry continues to face scrutiny and regulatory changes, partnerships and collaborations may be subject to reevaluation and adjustment.