London August 24 2023: Mastercard (MA.N) and crypto exchange Binance will end their four crypto card programmes in Argentina, Brazil, Colombia and Bahrain as of Sept. 22, a spokesperson for Mastercard said via email on Thursday.
The Binance cards allow users to make payments in traditional currencies, funded by their cryptocurrency holdings on the exchange.
Mastercard’s website also lists partnerships with crypto exchanges including Gemini. The decision will not impact any of Mastercard’s other crypto card programmes, the spokesperson said.
Binance is facing legal and regulatory challenges. U.S. regulators sued the crypto exchange and its CEO Changpeng Zhao in June for allegedly operating a “web of deception.” Binance has said it would defend itself “vigorously.”
