Digital Assets: Visa And Mastercard Wind Down Card Tie-Ups With Crypto Exchange Binance
Binance is under a regulatory glare across the globe.
Mastercard (NYSE: MA) and Visa (NYSE: V) are stepping away from their card partnerships with Binance Holdings, a move that distances them from the cryptocurrency platform due to regulatory pressures globally. Visa has ceased issuing new co-branded cards with Binance in Europe since July, and Mastercard is set to completely end its card partnership with the exchange in September. (Bloomberg)
The reasons behind these decisions have not been officially disclosed, however.
Binance has been facing increased scrutiny from financial regulators worldwide, compounded by legal actions from the US Securities and Exchange Commission and the Commodity Futures Trading Commission. These actions are impacting its efforts to establish itself in the mainstream financial market, leaving it somewhat isolated from traditional financial systems.
Binance’s struggles include being cut off from the US banking system, losing bank transfer capabilities in Australia, and discontinuing products like Binance Connect. The latter allowed businesses to accept crypto payments via Visa and Mastercard.
Mastercard’s decision will affect its co-branded card programs in Argentina, Brazil, Colombia, and Bahrain. Binance claims that the decision’s global impact is minimal, affecting less than 1% of users in Latin America and the Middle East.
Related Story: SEC Charges Binance And Its CEO Changpeng Zhao With Securities Violations
Latest Alternative Investment News
Digital Assets: Epic Lays Off 830 Employees As Metaverse Underperforms
Earlier today, Tim Sweeney, the head of Epic Games, shared an email with the company’s employees, announcing some significant changes within the organization. In this message, Sweeney discussed the necessity…
Artificial Intelligence: Mysterious US-Based Books3 Dataset Used To Train AI Was A Massive Trove Of Pirated Books
Thousands of books penned by some of Australia’s most esteemed authors may have fallen victim to what Booker prize-winning novelist Richard Flanagan has described as “the biggest act of copyright…
FinTech: Ant’s Chongqing Consumer Finance Arm Raising $616M To Ramp Up Loans
Chongqing Consumer Finance, the consumer finance arm of Ant Group, a prominent player in China’s financial technology landscape, is currently in the process of raising a substantial sum of fresh…
Venture Capital: Mercury’s Fund V Mops Up $160M For US Startups “Between The Coasts”
Mercury Fund, the premier early-stage venture firm with a focus on non-coastal tech hubs, has successfully closed its largest fund to date, Mercury Fund V, with a total capital commitment…