Original in Portuguese Published 15 hours ago on August 24, 2023

Mastercard and Binance will terminate their four cryptocurrency card programs in Argentina, Brazil, Colombia, and Bahrain starting from September 22, announced a spokesperson from the payment processor on Thursday (24).

Binance's cards allow users to make payments in traditional currencies, funded by their holdings of cryptocurrencies on the exchange.

Mastercard's website also lists partnerships with other cryptocurrency platforms, including Gemini. The decision will not affect any of the company's other cryptocurrency card programs, the spokesperson stated.

Binance is facing legal and regulatory challenges. In June, U.S. regulators sued the company and its CEO, Changpeng Zhao, for allegedly operating a "network of fraud." The company stated it will defend itself "vigorously."

Mastercard's Chief of Cryptocurrencies and Blockchain, Raj Dhamodharan, told Reuters in April that the company is seeking more partnerships with crypto asset companies. He declined to comment specifically on Binance but mentioned that all card programs "undergo thorough due diligence" and are continuously monitored.

A spokesperson for Mastercard declined to comment on why the partnership with Binance was ending or who made the decision.

Binance did not immediately respond to an email request for comment. The company's customer support account on the X platform, formerly known as Twitter, stated on Thursday that the Binance Card "will no longer be available for users in Latin America and the Middle East."