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News

Binance Says Visa Has Stopped Issuing New Cards In Europe Since July

August 25, 2023 - Around 2 mins mins to read

Key Points:

  • A Binance spokesperson said Visa has stopped issuing new co-branded cards with the European exchange since July.
  • The news came after Mastercard and this exchange abandoned their partnership.
  • The market’s largest cryptocurrency exchange has come under intense scrutiny from global financial watchdogs with increasing pressure.
According to Bloomberg News, a spokesperson for Binance stated that Visa has stopped issuing new co-branded cards with this exchange in Europe since July.
Binance Says Visa Has Stopped Issuing New Cards In Europe Since July

This news follows as soon as Mastercard ends its credit card partnership with the crypto exchange in September of this year.

Regarding the report earlier today, it was said that Mastercard and crypto exchange Binance will close four crypto card projects in Argentina, Brazil, Colombia, and Bahrain on September 22.

The partnership will affect all four Binance co-branded card programs in Argentina, Brazil, Colombia, and Bahrain. Meanwhile, this exchange has posted on platform X that less than 1% of users in Latin America and the Middle East will be affected by this decision, and global Binance accounts will not be affected.

The report mentions that the Binance Cryptocurrency Card allows users to pay with traditional currencies, and the source of funds is the cryptocurrency they hold on the exchange. Mastercard’s head of crypto and blockchain, Raj Dhamodharan, said in April that the company is looking into more partnerships with crypto companies.

Mastercard says this doesn’t affect any other crypto card plans, and the pause will allow cardholders to convert any assets in their Binance wallets.

The abrupt termination of the partnership with the world’s two payment giants could significantly hinder the exchange’s efforts to penetrate more mainstream markets and come as the exchange matures further isolated from the traditional financial system.

Difficulties are piling up as the world’s largest cryptocurrency exchange is under pressure from regulators worldwide. Binance was cut off from the US banking system in February and lost the ability to accept some bank transfers in Australia in May.

Most recently, the exchange decided to shut down a year-old product called Binance Connect, which allows businesses to accept cryptocurrencies through Visa and Mastercard. Its banking partner in Europe will stop providing support in September.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

News

Binance Says Visa Has Stopped Issuing New Cards In Europe Since July

Key Points:

  • A Binance spokesperson said Visa has stopped issuing new co-branded cards with the European exchange since July.
  • The news came after Mastercard and this exchange abandoned their partnership.
  • The market’s largest cryptocurrency exchange has come under intense scrutiny from global financial watchdogs with increasing pressure.
According to Bloomberg News, a spokesperson for Binance stated that Visa has stopped issuing new co-branded cards with this exchange in Europe since July.
Binance Says Visa Has Stopped Issuing New Cards In Europe Since July

This news follows as soon as Mastercard ends its credit card partnership with the crypto exchange in September of this year.

Regarding the report earlier today, it was said that Mastercard and crypto exchange Binance will close four crypto card projects in Argentina, Brazil, Colombia, and Bahrain on September 22.

The partnership will affect all four Binance co-branded card programs in Argentina, Brazil, Colombia, and Bahrain. Meanwhile, this exchange has posted on platform X that less than 1% of users in Latin America and the Middle East will be affected by this decision, and global Binance accounts will not be affected.

The report mentions that the Binance Cryptocurrency Card allows users to pay with traditional currencies, and the source of funds is the cryptocurrency they hold on the exchange. Mastercard’s head of crypto and blockchain, Raj Dhamodharan, said in April that the company is looking into more partnerships with crypto companies.

Mastercard says this doesn’t affect any other crypto card plans, and the pause will allow cardholders to convert any assets in their Binance wallets.

The abrupt termination of the partnership with the world’s two payment giants could significantly hinder the exchange’s efforts to penetrate more mainstream markets and come as the exchange matures further isolated from the traditional financial system.

Difficulties are piling up as the world’s largest cryptocurrency exchange is under pressure from regulators worldwide. Binance was cut off from the US banking system in February and lost the ability to accept some bank transfers in Australia in May.

Most recently, the exchange decided to shut down a year-old product called Binance Connect, which allows businesses to accept cryptocurrencies through Visa and Mastercard. Its banking partner in Europe will stop providing support in September.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.