“The future is here”. With these words, Binance celebrated the start of a promising era Partnership with Mastercard To bridge the gap between cryptocurrencies and payments in a wide variety of countries. A year later, everything indicates that we are returning to the past. The stock market has lost a very important strategic partner.

According to Bloomberg, Mastercard has decided to end its relationship with the cryptocurrency exchange run by Changpeng Zhao. This move marks the end of cryptocurrency card programs in the Middle East (Bahrain) and Latin America (Argentina, Brazil, Colombia) in August and September, respectively.

Goodbye Binance Card Mastercard

The news, coming at a time when various regulators’ scrutiny of cryptocurrency platforms has increased, Binance Card A card that takes very little time to find an alternative by Mastercard. They will stop working in the Middle East on August 25 and in Latin America on September 21.

The exchange itself acknowledges that all transactions will be declined once the aforementioned dates are reached, although cards are currently functioning normally. In addition, considering the end of the program, users will no longer be able to order and receive new Binance Cards in the above-mentioned regions.

“While this decision only affects less than 1% of our users in those markets, Binance is committed to guaranteeing the best possible customer experience,” the platform says, recommending users to use this decision. your own solution Contactless payment system called Binance Pay for your transactions.

From a real perspective, Mastercard Binance Card users had the ability to pay at any physical or online store that accepted Mastercard cards at a discount on the assets in their funded wallets. Binance Pay, on the other hand, failed to achieve mass adoption.

Mastercard has only closed the door to Binance for now. The financial services giant boasts on its website of other partnerships it has with companies still in the crypto-asset world: Gemini, Nexus and Tap. In other words, the cards of the mentioned platforms continue to work.

It’s also worth noting that Binance also has a partnership with Visa that allows it to send cards to various markets, including Spain. Users with Binance Cards issued by Visa will not be affected by the news announced this week, so they will be able to continue using their cards as normal.

Images: Binance

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