Mastercard and cryptocurrency exchange Binance have announced that they will be ending their crypto card programs in Argentina, Brazil, Colombia, and Bahrain as of September 22. The Binance cards enable users to make payments in traditional currencies using their cryptocurrency holdings. The decision is unrelated to Mastercard’s other crypto card programs.
Binance is currently facing legal and regulatory challenges, including a lawsuit from US regulators. Mastercard’s head of crypto and blockchain stated earlier this year that the company is seeking more partnerships with crypto firms. The Binance Card will no longer be available to users in Latin America and the Middle East.