Mastercard and Visa stepped back from their card partnerships with Binance Holdings, distancing themselves from the cryptocurrency platform that's under threat from regulators worldwide.
Visa stopped issuing new co-branded cards with Binance in Europe as of July, a spokesperson for Binance said. Mastercard, meanwhile, will end its card partnership with Binance entirely in September. Mastercard declined to give a reason for the move. Visa didn't respond to requests for comment.
Binance has come under heavy scrutiny from financial watchdogs across the globe, with pressure intensifying amid a crackdown on the industry after a series of blowups and scandals in the past year. The company and its Chief Executive Officer Changpeng "CZ" Zhao were sued by the
Visa and Mastercard's moves are the latest blow to Binance's effort to push into the mainstream market, and come as it has found itself increasingly isolated from the traditional financial system.
Binance got cut off from the U.S. banking system in February, and
Binance Card, launched as part of a push to encourage crypto adoption more broadly, allows the crypto exchange's consumers to pay for basic daily expenses with their funds in crypto assets. The Binance Visa Card program was
Mastercard's decision will affect all four of its co-branded card programs with Binance in Argentina, Brazil, Colombia and Bahrain, starting Sept. 22, the credit-card giant said in an emailed statement. Binance said in a
Mastercard said there's no impact on any other crypto card program. The wind-down period will allow cardholders to convert any holdings in their Binance wallets, it said.
