Binance and Mastercard Partnership Stumbles: Middle East to Be Affected - COINTURK NEWS
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Binance and Mastercard Partnership Stumbles: Middle East to Be Affected

1:44 pm (30 days ago)
August 28, 2023

Issues have arisen in the partnership between Mastercard, one of the world’s largest payment providers, and Binance, the largest cryptocurrency exchange by trading volume. It is stated that Mastercard, which intervened in the use of Binance’s own bank card, Binance Card, has now withdrawn from the partnership due to certain regulatory pressures.

Binance and Mastercard Partnership Hits a Roadblock

The card introduced through the Binance and Mastercard partnership has encountered setbacks in Argentina, Brazil, Colombia, and Bahrain. It is reported that card usage in these countries will end on September 22, 2023. Mastercard will no longer offer Binance-branded cards in these regions.

Just like many other bank cards, users were able to use Binance cards for shopping thanks to Mastercard’s infrastructure. Binance stated that only a small number of users would be affected by this. Binance emphasized that only 1% of total users would be affected by the situation in these markets.

According to the continuation of the statement made by Binance, the relevant card can be used in the aforementioned countries until September 21. Binance accounts, on the other hand, are generally unaffected by this.

It was reported that contactless and secure cryptocurrency payments will continue to be made in regions where Binance Pay is available. Binance Pay, which provides low-commission usage rights, especially for frequent travelers, had a significant user base.

Binance News Affects BNB

According to Reuters, while Mastercard’s partnership with Binance might end, its partnership with Gemini will continue. It was stated that the Binance incident would not affect Mastercard’s other cryptocurrency exchange partnerships.

Following the news received by the Binance cryptocurrency exchange, the negative outlook on the price of BNB continues. BNB experienced a 0.4% decrease in the last 24 hours and actually followed the overall market trend. BNB, which had dropped to $204 with a sharp decline, had caused panic. It is now seen that it remains above $210 and is relatively stable. However, the situation of Binance facing blow after blow does not make the situation any easier.

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