Cryptocurrency

Mastercard and Binance to End Crypto Card Partnership

While reasons behind ending the crypto card partnership were not discussed, one of them could be Binance’s legal and regulatory challenges against U.S. regulators, who have even alleged the company for operating a “web of deception.” 

Mastercard and Binance are officially ending their four crypto card programmes in Argentina, Brazil, Colombia and Bahrain by 22nd September 2023.

Cryptocards built in collaboration with crypto exchanges such as Binance and payment processing corporations such as Mastercard are built to allow users to make payments through their cryptocurrency holdings on the particular exchange.

Mastercard features a list of partner cryptocurrency exchanges such as Gemini on its website, however, this decision to end crypto card partnership with Binance will not affect Mastercard’s partnership with any other exchange.

While reasons behind ending the crypto card partnership were not discussed, one of them could be Binance’s legal and regulatory challenges against U.S. regulators, who have even alleged the company for operating a “web of deception.”

US regulators have currently sued Binance and its CEO Changpeng Zhao, with Binance saying that it would be ready to defend itself “vigorously.”

Mastercard’s head of crypto and blockchain, Raj Dhamodharan, who was bullish about the idea of partnership with more and more crypto firms, has refused to comment on the recent halt of its partnership with Mastercard.

Binance has also not commented on the matter, with only its X support account saying that the Binance Card “will no longer be available to users in Latin America and the Middle East.”

 

Read more:

Sponsored
Abdullah Shahid

Share
Published by
Abdullah Shahid

Recent Posts

‘Pak Hajj’ Mobile App Launched to Assist Pilgrims

A new app called "Pak Hajj" has been released by the Ministry of Religious Affairs…

9 hours ago

Federal Govt Announces Holiday for Schools Amid PTI Protests

ISLAMABAD: The district administration has declared a school holiday for tomorrow in the Federal Capital…

9 hours ago

WhatsApp Faces Restrictions in Pakistan, Confirms NetBlocks

NetBlocks, a renowned global organization monitoring internet activity, has reported that WhatsApp has been blocked…

9 hours ago

PTI Urges Elon Musk for Starlink to Address Internet Connectivity in Pakistan

The Pakistan Tehreek-e-Insaf (PTI) has publicly appealed to Elon Musk to introduce Starlink internet services…

14 hours ago

PTA Set to Initiate Second Phase of Crackdown on Unregistered VPNs

ISLAMABAD: The Pakistan Telecommunication Authority (PTA) has reportedly started testing a new national firewall to…

15 hours ago

13.6% Fall in Pakistan’s Mobile Imports in FY25’s Early Period

During the first four months of the current fiscal year 2024-25, the government imported mobile…

16 hours ago