Binance Card Partnership with Mastercard Comes to an End in Four Countries

2023-08-25 11:00:00

The beginning of the end ? Binance is the largest cryptocurrency exchange in the world. In addition to this, the latter offers a multitude of services related to cryptocurrencies. Among them, Binance offers the Binance Card, a bank card that allows you to pay in crypto and offers cashback. Unfortunately, the service seems to have lost ground.

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Binance and Mastercard divorce in 4 countries

On August 24, Archyde.com journalists announced the end of the partnership between Mastercard and Binance in 4 countries. Indeed, the two companies had entered into a partnership for the issuance of the Binance Card.

In practice, on September 22 the Binance Card will be withdrawn in Argentina, Brazil, Colombia and Bahrain. For the moment, no reason has been given for the end of this program.

This information is all the more surprising since the Binance Card was introduced last January in Brazil. Thus, it will only have been available for 8 months before being withdrawn.

Subsequently, Binance’s support account on X (formerly Twitter) stated that “thea Binance Card will no longer be available to users in Latin America and the Middle East“. Therefore, it is likely that other countries in these regions will also be removed from the program in the coming weeks.

Binance announces the end of the Binance Card in several countries – Source: X.

“Only a tiny fraction of our users (less than 1% of users in the markets mentioned) are affected by this measure. Users of this product will have until September 21, 2023, when the card can no longer be used. »

Still in Latin America, Binance becomes the first regulated exchange in El Salvador. The country is known for being the first to make Bitcoin legal tender.

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