{"id":83579,"date":"2023-08-25T15:18:08","date_gmt":"2023-08-25T12:18:08","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=83579"},"modified":"2025-09-12T11:56:53","modified_gmt":"2025-09-12T08:56:53","slug":"bloomberg-reports-mastercard-and-visa-end-partnership-with-binance","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bloomberg-reports-mastercard-and-visa-end-partnership-with-binance\/","title":{"rendered":"Bloomberg reports Mastercard and Visa end partnership with Binance"},"content":{"rendered":"

Mastercard and Visa are pulling back from issuing crypto-payment cards for Binance amid the exchange’s regulatory problems, Bloomberg<\/a> reports.<\/p>\n

Visa has halted the rollout of joint products in Europe since July, a spokesperson for the crypto-trading platform told the agency. Mastercard will fully terminate its cooperation with Binance in September.<\/p>\n

The payment companies declined to comment on their decisions.<\/p>\n

In March, the CFTC filed a civil lawsuit<\/a> against Binance. In the regulator’s view, the exchange violated derivatives trading rules by operating without the necessary registration.<\/p>\n

In June, the SEC brought charges against Binance and its chief Changpeng Zhao<\/a>. The regulator brought a total of 13 counts.<\/p>\n

Against the backdrop of regulatory pressure on the exchange in the United States, the platform faced problems in Europe. Binance withdrew license applications in the United Kingdom<\/a>, in Austria<\/a>, in Cyprus<\/a> and announced its withdrawal<\/a> from the Netherlands. The Belgian Financial Services and Markets Authority ordered the exchange to cease operations<\/a>. Media reported on an investigation<\/a> by authorities into Binance’s France subsidiary.<\/p>\n

After a bailout<\/a> in March of Signature Bank and the liquidation<\/a> in the same month of Silvergate Bank, Binance’s U.S. unit faced difficulties<\/a> with banking services. The platform held customers’ dollar deposits in these institutions.<\/p>\n

In May Binance paused<\/a> top-ups to Australian users’ accounts in local currency due to actions by the service provider. The exchange also stopped<\/a> deposits and withdrawals in British pounds sterling after Paysafe ended its cooperation.<\/p>\n

The firm said it would cease servicing Binance entirely from September. The digital payments platform Checkout.com also announced its withdrawal from the partnership<\/a> with the exchange.<\/p>\n

The latter decided to shut Binance Connect<\/a> (Bifinity), which had been operating<\/a> since March 2022. The product allowed merchants to accept cryptocurrency payments via Visa and Mastercard networks.<\/p>\n

The Binance Card initiative was launched by the exchange as part of a broader push to widen the use of digital assets. It allowed users to pay for goods and services in cryptocurrencies via payment cards.<\/p>\n

Earlier, the exchange said it would discontinue support for the product<\/a> in Latin America and the Middle East. According to the statement, this will affect less than 1% of users on those markets.<\/p>\n

Bloomberg reports that this concerns Argentina, Brazil, Colombia, and Bahrain. The move is tied to Mastercard’s decision. The payments company clarified that it does not affect other programs with crypto-industry participants.<\/p>\n

In March, the bitcoin exchange Bybit launched a debit card<\/a> in collaboration with Mastercard.<\/p>\n","protected":false},"excerpt":{"rendered":"

Mastercard and Visa are pulling back from issuing crypto-payment cards for Binance amid the exchange’s regulatory troubles, Bloomberg reports.<\/p>\n","protected":false},"author":1,"featured_media":83580,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[744,70,1390,157],"class_list":["post-83579","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance","tag-mastercard","tag-partnership","tag-visa"],"aioseo_notices":[],"amp_enabled":true,"views":"23","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/83579","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=83579"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/83579\/revisions"}],"predecessor-version":[{"id":83581,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/83579\/revisions\/83581"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/83580"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=83579"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=83579"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=83579"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}