Mastercard, Binance End Crypto Card Partnership
Binance also paused applications for its Visa crypto card, which it offered to users in Europe.
Mastercard and Binance are ending their crypto card partnership next month, spokespeople for both companies told The Information. Reuters was first to report the two companies were scrapping the deal.
Financial services companies have been cutting ties with Binance and its U.S. offshoot, Binance.US, amid mounting regulatory scrutiny. Checkout.com said last week it would stop working with Binance due to concerns about the crypto exchange’s anti-money laundering controls.
Binance has also paused new applications for its Visa crypto card, the Binance spokesperson said, which the exchange offers to users in Europe. Spokespeople for Visa did not respond to requests for comment.