<\/p>\n
Binance appears to be scaling back its card partnerships, with Mastercard terminating its collaboration and the crypto exchange temporarily halting new applications for its Visa-supported European card.<\/p>\n
A Mastercard spokesperson confirmed that the card pilot programs it had with Binance \u2014 located in Argentina, Brazil, Colombia and Bahrain \u2014 would shutter on September 22.\u00a0<\/p>\n
\u201cBinance accounts around the world are not affected. Where available, users can also shop with crypto and send crypto using Binance Pay, a contactless, borderless and secure cryptocurrency payment technology designed by Binance,\u201d a Binance spokesperson told Blockworks.<\/p>\n
The ending of the program will impact \u201ca tiny portion\u201d of the users in the markets, they continued, adding that roughly 1% will be affected.<\/p>\n
Mastercard<\/a> and Binance inked the crypto card<\/a> deal in Argentina in August 2022. It launched<\/a> the card in Brazil earlier this year.\u00a0<\/p>\n In addition to the closing of the co-branded Binance Card, a Binance spokesperson also confirmed that Binance \u201cpaused new card applications for the EEA\u201d for its co-branded card with Visa back in July.\u00a0<\/p>\n However, Binance added that \u201cthis does not impact existing cardholders who can continue to use and reorder their cards.\u201d\u00a0<\/p>\n Visa <\/a>did not immediately respond to a request for comment.\u00a0<\/p>\n Back in March, both Mastercard and Visa signed new debit card partnerships<\/a> with crypto companies, including Bit2Me and Bybit. Mastercard reaffirmed its crypto commitment<\/a> back in April as it continued to team up with both crypto and blockchain firms.<\/p>\n Payments service provider Checkout.com ended its partnership with Binance<\/a> earlier this month. A Forbes report cited regulatory concerns on Checkout.com\u2019s end, and Binance told Blockworks that it was mulling \u201coptions for legal action.\u201d<\/p>\n Binance<\/a> has recently faced scrutiny from various regulators worldwide. In the US, Binance is facing off with both the Commodities Futures Trading Commission (CFTC) and the US Securities and Exchange Commission.\u00a0<\/p>\n It\u2019s also reportedly faced an investigation by French authorities, though a Binance spokesperson told Blockworks that, back in June, the French authorities just made an \u201con-site visit<\/a>.\u201d<\/p>\n Additionally, Binance has exited multiple European markets<\/a> and pulled its application with Germany\u2019s BaFin. It cited both the regulatory landscape and the global market as part of the decision. The exits came after the European Union passed the Markets in Crypto Assets<\/a> regulatory framework.<\/p>\n Get the day\u2019s top crypto news and insights delivered to your email every evening.\u00a0Subscribe to Blockworks\u2019 free newsletter<\/a>\u00a0now.<\/strong><\/p>\n Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, can\u2019t-miss tweets and more from\u00a0Blockworks Research\u2019s Daily Debrief<\/a>.<\/strong><\/p>\n Can\u2019t wait? Get our news the fastest way possible.\u00a0Join us on Telegram<\/a>\u00a0and follow us on\u00a0Google News<\/a>.<\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Binance appears to be scaling back its card partnerships, with Mastercard terminating its collaboration and the crypto exchange temporarily halting new applications for its Visa-supported European card. A Mastercard spokesperson confirmed that the card pilot programs it had with Binance \u2014 located in Argentina, Brazil, Colombia and Bahrain \u2014 would shutter on September 22.\u00a0 \u201cBinance […]<\/p>\n","protected":false},"author":2,"featured_media":142415,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-142414","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/142414","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=142414"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/142414\/revisions"}],"predecessor-version":[{"id":146653,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/142414\/revisions\/146653"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/142415"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=142414"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=142414"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=142414"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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