Binance Loses Partnerships with Mastercard and Visa in Different Regions

One sentence summary – Binance, a cryptocurrency exchange platform, has lost partnerships with Mastercard and Visa for their branded payment cards in certain regions, but Binance accounts globally are not impacted; the company is also facing regulatory scrutiny from the SEC and CFTC, but denies the allegations and continues to operate.

At a glance

  • Binance has lost business with major payment card networks, Mastercard and Visa.
  • Mastercard has stopped offering Binance-branded payment cards in Latin America and the Middle East.
  • Existing cardholders have until September 21, 2023, to use their cards.
  • Visa has also ended a similar card partnership with Binance, but only in Europe.
  • Binance is under regulatory scrutiny from the SEC and CFTC, facing 13 charges, but denies the allegations.

The details

Binance, a leading cryptocurrency exchange platform, has recently lost business with major payment card networks, Mastercard and Visa.

Mastercard has decided to stop offering Binance-branded payment cards in Latin America and the Middle East.

Despite this, Binance accounts worldwide remain unaffected by this decision.

For existing cardholders, there will be a wind-down period until September 21, 2023, allowing them to use the cards until that date.

Mastercard has confirmed the termination of their partnership with Binance.

Instructions have been provided for cardholders to convert their holdings.

Visa has also ended a similar card partnership with Binance, but this is specific to Europe.

Both Mastercard and Visa’s decisions are part of the broader financial services industry’s lukewarm response to cryptocurrencies.

Despite Mastercard’s previous interest in cryptocurrencies, this decision does not reflect a change in their overall commitment to digital assets.

Binance is also currently under intense regulatory scrutiny from the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

The SEC has lodged 13 charges against Binance and its CEO, accusing them of mixing customer funds with the company’s own funds.

Binance strongly denies these allegations.

Checkout.com, a payment solutions provider, has recently dropped Binance as a customer.

This decision was reportedly influenced by regulatory actions, partner inquiries, and concerns over compliance controls.

In summary, Binance has lost its partnership with both Mastercard and Visa in different regions, leading to the discontinuation of Binance-branded cards.

However, Binance accounts worldwide remain unaffected.

The company is also facing significant regulatory scrutiny from the SEC and CFTC, with 13 charges being brought against them.

Despite these challenges, Binance denies the allegations and continues to operate.

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A broken chain link symbolizing severed partnerships between Binance, Mastercard, and Visa, with each link representing a different region.

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cnbc.com
– Binance has lost business with payment card networks Mastercard and Visa.
– Mastercard will no longer offer Binance-branded cards in Latin America and the Middle East.
– Binance users with these cards will have until September 21, 2023, to use them.
– Binance accounts around the world are not affected.
– Mastercard confirmed the end of the partnership and provided a wind-down period for cardholders to convert their holdings.
– Visa has also ended a similar card tie-up with Binance in Europe.
The financial services industry has generally responded tepidly to crypto.
– Mastercard had previously warmed to crypto, but its decision to end the tie-up with Binance does not impact its wider commitment to digital assets.
– Binance is facing intense regulatory scrutiny from the SEC and CFTC.
The SEC has brought 13 charges against Binance and its CEO, accusing them of commingling customer funds with Binance’s own funds.
– Binance denies the allegations.
– Checkout.com recently dropped Binance as a customer due to regulatory actions, partner inquiries, and concerns over compliance controls.

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