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  • Writer's pictureJamal Saafir

Binance and Mastercard Set To Conclude Crypto Partnership

According to a report from Reuters, Mastercard and crypto exchange Binance will cease their four crypto card programs in Argentina, Brazil, Colombia, and Bahrain as of September 22nd, a spokesperson for Mastercard said via email on Thursday.

The Binance cards grant customers the ability 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 programs, the spokesperson said.

Binance is facing pending legal and regulatory challenges. United States regulators filed suit against 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."

Mastercard's head of crypto and blockchain, Raj Dhamodharan, told Reuters in April that the company was seeking more partnerships with crypto firms. He declined to comment on Binance specifically, but said any card program "goes through full due diligence" and is continuously monitored.

A Mastercard spokesperson refused to comment on why the Binance program was coming to an end or who was responsible for this new development.

According to Reuters, Binance did not immediately respond to a comment request sent via email. The exchange's customer support account on X, formerly known as Twitter, said earlier on Thursday that the Binance Card "will no longer be available to users in Latin America and the Middle East."

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