Mastercard and Binance have announced that they will be ending their four crypto card programmes in Argentina, Brazil, and Colombia starting September 22nd. The prepaid crypto card allowed users to make payments in local fiat currencies, funded by their crypto holdings on the exchange. The decision to end the program is not impacting any of Mastercard’s other crypto card programmes, and the wind-down period will allow cardholders to convert any holdings in their Binance wallets.The end of the collaboration comes amid increased regulatory scrutiny of the beleaguered crypto exchange. Binance and its CEO Changpeng “CZ” Zhao have been sued by the United States Securities and Exchange Commission for allegedly violating local securities laws. The U.S. Commodity Futures Trading Commission also filed a lawsuit against Binance for not properly registering with the derivatives regulator. Binance has also reportedly been under an investigation by the U.S. Department of Justice for allowing Russians to use the exchange in violation of U.S. sanctions.Visa has also stopped issuing new co-branded cards with Binance in Europe as of July, Binance reportedly said. Mastercard, Visa and Binance did not immediately respond to Cointelegraph’s request for comment.
| Information |
Details |
| Geography |
South America |
| Countries |
🇦🇷 🇧🇷 🇨🇴 🇺🇸 |
| Sentiment |
negative |
| Relevance Score |
8 |
| People |
Changpeng “CZ” Zhao, Cointelegraph, SEC, CFTC, DOJ, Visa. |
| Companies |
Mastercard, Binance, United States Securities and Exchange Commission, United States Commodity Futures Trading Commission, United States Department of Justice. |
| Currencies |
Bitcoin, Ethereum, Binance Coin, USD, ARS |
| Securities |
None |
