Mastercard and Binance End Crypto Card Partnership

News | Aug 25, 2023

Image: Unsplash/Kanchanara

In a significant move that has caught the attention of the fintech community, Mastercard and Binance, the renowned cryptocurrency exchange, have decided to terminate their crypto card programs in Argentina, Brazil, Colombia, and Bahrain, effective from September 22, 2023.

• These Binance cards, which have been pivotal in bridging the gap between traditional and crypto finance, enabled users to make payments in conventional currencies, drawing funds from their cryptocurrency reserves on the Binance platform. This development does not, however, affect Mastercard’s other collaborations with crypto exchanges, including the likes of Gemini.
• The broader financial industry’s relationship with cryptocurrency remains complex. While Mastercard has shown a growing affinity towards crypto, evidenced by its initiatives in 2021, the Binance partnership’s conclusion underscores the challenges crypto platforms face amidst evolving regulatory landscapes.

See:  Binance Faces Leadership Crisis as Top Executives Resign Amid Regulatory Pressure

• Binance’s journey has been tumultuous, with regulatory backlash from entities like the U.S. Securities and Exchange Commission. Allegations of financial mismanagement have been levied against the company, drawing parallels with the now-defunct crypto exchange, FTX. Binance, however, refutes these claims, emphasizing its commitment to transparency and compliance.
• Mastercard’s stance on the crypto industry has been notably progressive. Raj Dhamodharan, Mastercard’s head of crypto and blockchain, had previously expressed the company’s interest in forging more alliances with crypto entities.

In conclusion, as the world of fintech continues to evolve, partnerships like these will always be under the scanner, reflecting the industry’s dynamic nature. For enthusiasts and investors, these developments underline the importance of staying informed and understanding the intricacies of the crypto world.

The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada’s Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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• Source: https://ncfacanada.org/mastercard-and-binance-end-crypto-card-partnership/