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.

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.

Victor

Recent Posts

Clanker Token Trading Volume Hits $59.8 Million High

Clanker token trading volume hit $59.8M on Nov 21, accounting for 14.75% of PumpFun. Fee…

4 minutes ago

Bitcoin Spot ETF Inflows Hit $1 Billion Led By BlackRock

Bitcoin Spot ETF inflows hit $1.005B on Nov 21, led by BlackRock’s $608M and Fidelity’s…

27 minutes ago

New York Techie Bagged $72M from $15K Investment in Ethereum — Here’s How BlockDAG Can Offer Similar Jackpot

Discover the success story of a New York tech entrepreneur who made $72M from a…

56 minutes ago

Best Altcoins to Buy Today: Qubetics Rides 1000x Potential to Hit $2.6M, Ethereum Stays Rangebound, Tron USDT Transactions Hit $52B

Discover the best cryptos to buy and hold today: Qubetics leads with 1000x potential, Ethereum…

3 hours ago

Trump Media Company Is Pushing New Venture For Crypto Service

With the platform facing a cracked whip, Trump Media company is expanding into new business…

4 hours ago

Crypto Advisory Council Now A White House Position Attracting Leaders

Major crypto firms, including Ripple, Kraken, and Circle, are competing for spots on President-elect Donald…

4 hours ago

This website uses cookies.