Digital Assets: Visa And Mastercard Wind Down Card Tie-Ups With Crypto Exchange Binance

August 25, 2023 | Digital Assets, News

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

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