Global financial services provider Mastercard and crypto exchange firm Binance are nearing completion of four crypto card-based projects. From September 22, the ongoing crypto card project between the two companies in Argentina, Brazil, Colombia and Bahrain will be closed. Reuters reported this news with reference to MasterCard.
With the help of Binance’s Crypto Card, users can make payments by converting their own cryptocurrency into conventional currency.
A MasterCard spokesperson said several crypto exchanges, such as Gemini, are listed on MasterCard’s website. As a result, it will not affect MasterCard’s other crypto card schemes.
Crypto exchange Binance is under constant pressure in the US. In June, US regulators sued the company’s CEO, Changpeng Zhao, accusing it of ‘spreading a fraud trap’. Binance, on the other hand, says it will deal with it ‘vigorously’.
Binance’s customer service account on social media X said on Thursday that the Binance Card will no longer be available in Latin America and the Middle East.