Mastercard Reportedly Cuts Binance Crypto Card Ties

Vignesh Karunanidhi
Mastercard Reportedly Cuts Binance Crypto Card Ties
Source: TechStory

Payments giant Mastercard and leading cryptocurrency exchange Binance are reportedly discontinuing their co-branded crypto card offerings in Argentina, Brazil, Colombia, and Bahrain starting September 22nd.

The spokesperson mentioned in the mail seen by Reuters that the termination will only apply to the aforementioned four countries. Other crypto card programs offered in partnership with other exchanges will continue without change.

Also read: Binance and Mastercard Collaborate to Launch Crypto Card in Brazil

Binance to reportedly drop card plans in 4 nations

Binance announced the launch of a new Binance Card in partnership with Mastercard in Brazil in January 2023. The duo had also announced the launch of a crypto card in Argentina in June 2022. However, the exact reason for the termination of the collaboration by these industry giants in these regions is also unclear.

The collaboration with Binance was part of Mastercard’s broader strategy to grow its crypto payment card program. The partnership enabled Mastercard to expand its card offerings by leveraging Binance’s reputation in the cryptocurrency sector.

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Mastercard has already established partnerships with other major crypto exchanges, such as Nexo and Gemini, to provide crypto-linked payment cards in select markets.