Mastercard has ended a collaboration with crypto exchange Binance for four crypto card programmes in Latin America and the Middle East, CNBC has reported.
The publication quoted a Mastercard spokesperson as saying that four pilot Binance co-branded Mastercard card programmes in Argentina, Brazil, Colombia and Bahrain “will no longer be in use” from September 22.
Go deeper with GlobalData
“This provides cardholders with a wind-down period to convert any holdings in their Binance wallet,” the spokesperson added.
Binance on X, previously Twitter, posted that such cards will be available for use until 21 September 2023.
Binance-branded cards aid customers to utilise crypto for purchasing goods.
In its post, Binance Customer Support said: “The product, like most debit cards, has been utilised by Binance’s users to pay for basic daily expenses but in this case, the cards are funded with crypto assets,”
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By GlobalData“Only a tiny portion of our users (less than 1% of users in the markets mentioned) are impacted by this. Users of this product will have until September 21, 2023, when the card will no longer be available for use.”
Apart from Latin America and the Middle East, Binance accounts across the globe remain unaffected.
Users in excluding these regions can shop using crypto and transfer crypto utilising Binance’s contactless cryptocurrency payment technology, Binance Pay.
In a similar move, Visa ended a card partnership with Binance and stopped issuing new co-branded cards in Europe in July.
