master Card End partnership with cryptocurrency exchange Binance Holdings.
The decision will affect all four of Mastercard’s co-branded card programs with Binance in Argentina, Brazil, Colombia and Bahrain from Sept. 22 (Bloomberg). report Thursday (August 24th).
A Mastercard spokesperson contacted by PYMNTS confirmed the report, stating that the Sept. 22 validity data “provides cardholders a grace period to redeem their Binance wallet holdings.” emailed a statement.
“Other crypto card programs are unaffected,” the statement added.
A Binance spokesperson also confirmed the report to PYMNTS, adding in an email: The user of this product has until his September 21, 2023 deadline that the card will no longer be usable.
“Binance accounts worldwide will not be affected,” the company added in its statement. “When available, users will be able to shop and send cryptocurrencies using Binance Pay, a contactless, borderless and secure cryptocurrency payment technology designed by Binance. You can also.”
The reasons for Mastercard’s decision were not disclosed, but Bloomberg reported that it came at a time when Binance was facing legal troubles and regulatory scrutiny. The exchange has now been sued by the U.S. Securities and Exchange Commission (SEC) for allegedly violating securities rules and the Commodity Futures Trading Commission (CFTC) for allegedly allowing U.S. users to access its platform without complying with the required regulations. ) has been sued. Binance strongly denies these allegations.
According to the report, the co-branded card program developed by Mastercard and Binance will allow users to use cryptocurrencies for their daily spending, with the aim of facilitating the adoption of cryptocurrencies in everyday transactions. and Upon termination of the partnership, cardholders will be required to convert their Binance wallet holdings.
Binance partners with Mastercard binance card In Argentina in August 2022, he said the card was part of Binance’s goal of “promoting global crypto adoption in a tangible way.” The card was designed to allow domestic Binance users to make purchases and pay bills with cryptocurrencies at Mastercard merchants.