BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
FOLLOW
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result

Mastercard and Visa Withdraw Support as Binance Faces Regulatory Hurdles

BlockNews Team by BlockNews Team
August 29, 2023
in Business, Crypto, Media
mastercard LBank crypto
Share on TwitterShare on Reddit
  • Mastercard and Visa have decided to distance themselves from Binance due to increasing global regulatory scrutiny on the cryptocurrency exchange.
  • Binance faces challenges from financial watchdogs worldwide, including lawsuits from the US Securities and Exchange Commission and the Commodity Futures Trading Commission.
  • Binance’s efforts to integrate with mainstream financial systems, such as the Binance Card for everyday expenses, are under threat due to these partnerships ending.

Mastercard and Visa, two of the most recognizable names in the payment card industry, have decided to distance themselves from Binance Holdings, the world’s leading cryptocurrency exchange platform. The move comes amidst increasing global regulatory challenges directed towards the crypto exchange.

A spokesperson for Binance confirmed that Visa has halted the issuance of new co-branded cards with Binance for Europe since July. On the other hand, Mastercard plans to terminate its card partnership entirely with Binance by September. While Mastercard refrained from specifying the reasons behind this decision, Visa has remained silent on the matter.

These decisions by the card giants signify the mounting pressures and hesitations traditional financial systems have towards cryptocurrency platforms, especially those facing legal challenges. Binance’s endeavors to integrate with the mainstream market now face significant setbacks.

Challenges For The Binance Card Program

The Binance Card, which was a strategic move to boost cryptocurrency adoption, is now under threat. Launched in September 2020, this card allowed Binance users to settle everyday expenses using their crypto assets. The discontinuation of Mastercard’s partnership will affect its co-branded card programs in countries like Argentina, Brazil, Colombia, and Bahrain from September 22. Although this decision will impact less than 1% of users in Latin America and the Middle East, it sends a powerful message about the challenges cryptocurrency platforms face in securing trust and collaborations.

Despite these setbacks, Binance remains committed to its vision of a more inclusive financial future powered by cryptocurrencies. The Binance Card was a significant step in this direction. In Argentina, where inflation rates have historically been high, leading locals to seek financial alternatives such as cryptocurrencies, the Binance Card found a receptive audience.

Binance’s Troubled Waters

It’s been a turbulent year for Binance. The platform has undergone increasing scrutiny from financial watchdogs worldwide. The intensified crackdown on the cryptocurrency industry, driven by a series of controversies and scandals in recent times, has not been kind to Binance. Among the most prominent is the lawsuit from the US Securities and Exchange Commission (SEC) against the company and its CEO, Changpeng “CZ” Zhao, for alleged securities rule violations. Additionally, the Commodity Futures Trading Commission has accused Binance of bypassing rules to grant American users access to the exchange. Binance, however, disputes these allegations.

The repercussions of these legal challenges are evident. Binance was cut off from the US banking system earlier in February. By May, it lost the capacity to accept certain bank transfers in Australia. More recently, the exchange opted to discontinue its product “Binance Connect,” which enabled businesses to accept cryptocurrencies through Visa and Mastercard. With Binance’s primary European banking partner poised to withdraw support in September, the future looks uncertain for the crypto exchange in the traditional financial ecosystem.

Tags: BinanceMastercardVISA
TweetShareShare

DON'T MISS THESE! HOT OFF THE PRESS

OKX and Solana Mobile Partnership
Business

OKX Partners with Solana Mobile to Boost Accessibility to Web3 via Saga 

September 22, 2023
Linear Finance Breach
DeFi

Linear Finance Faces Major Security Breach Draining the DeFi Protocol’s Liquidity

September 22, 2023
etoro crypto
Business

eToro Gains Significant Crypto Approval from Cyprus Financial Regulator

September 22, 2023
UK FLAG with Web3 Design
Crypto

British Politicians Champion Web3 Growth in Virtual Global Summit

September 22, 2023
Bitcoin
Crypto

Bitcoin Takes the Eco-Friendly Route in Energy Consumption

September 22, 2023
Alchemy Pay Logo
Business

Alchemy Pay Secures Key Certification to Boost Global Footprint

September 22, 2023
Load More
Next Post
Cointime Economics

Ark Invest and Glassnode Introduce New Bitcoin Analytics Framework, Cointime Economics

friend.tech

Friend.tech Platform Pronounced "Dead" Amid Declining Metrics

Laos Crypto

Cryptocurrency Mining Faces Power Cut in Laos Due to Ongoing Drought

Related News

Binance-Logo-in-City

Binance Market Share Plunges 16% Amid Regulatory Woes

April 6, 2023
elon doge twitter

Dogecoin Price Explodes After Elon Musk Replaced The Twitter Logo With DOGE

April 4, 2023
polygon crypto

Year 2023: Will Polygon be the Ethereum Scaling Solution?

January 3, 2023

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Featured
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
Discord Twitter Instagram TikTok
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Featured
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • OKX Partners with Solana Mobile to Boost Accessibility to Web3 via Saga  September 22, 2023
  • Linear Finance Faces Major Security Breach Draining the DeFi Protocol’s Liquidity September 22, 2023
  • eToro Gains Significant Crypto Approval from Cyprus Financial Regulator September 22, 2023

© 2022-2023 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

© 2022-2023 BlockNews.com - Crypto and NFT news website by JRNY Club.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?