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Mastercard to end Binance crypto-to-fiat card partnership

Mastercard to end Binance crypto-to-fiat card partnership

Mastercard and Binance are to end their partnership using four crypto card programmes in Argentina, Brazil, Colombia and Bahrain by the 22nd September this year.

Mastercard and Binance originally announced beta tests in Argentina just one year ago. The card allowed Binance users to convert cryptocurrencies into fiat currency in real-time at the point of purchase.

A spokesperson for Mastercard told Reuters that this move will not impact the company’s other crypto card programmes, but declined to comment on why their partnership with Binance was ending.

A Binance spokesperson also told Bloomberg that Visa stopped issuing new Binance co-branded cards in July.

Binance has faced a number of controversies this year, including the US Securities and Exchange Commission suing the company and CEO Changpeng Zhao for alleging a host of securities law violations and accusing the world's largest crypto exchange of engaging in an "extensive web of deception."

Binance Pay only went live in Brazil in August.

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