Payment giants Visa and Mastercard have partnered with cryptocurrency exchange Binance for several years, issuing bank cards tied to the balance of a crypto wallet. Amid problems with regulators around the world, the companies decided to stop working together.
According to Bloomberg, Visa and Mastercard have ended their partnership with Binance. Previously, companies together with the cryptocurrency exchange issued crypto cards that could be topped up with USDT to withdraw money in local currencies around the world.
It is known that Visa stopped issuing new crypto cards in July and Mastercard will continue to fulfill its obligations until the end of September. By the way, Mastercard solutions were only available in Argentina, Brazil, Colombia and Bahrain. At the same time, already issued crypto cards continue to work.
Visa and Mastercard representatives decline to comment on the termination of cooperation with Binance. However, experts believe that the reason for the break in relations with the cryptocurrency exchange is quite clear – problems with regulators. Over the summer, Binance had to pull out of the UK, Germany, Cyprus, the Netherlands, and several other markets. The stock’s troubles began after a lawsuit filed by the United States Securities and Exchange Commission.
Author:
Grigory Shcheglov
Source: RB
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