{"id":548862,"date":"2023-08-25T13:55:51","date_gmt":"2023-08-25T13:55:51","guid":{"rendered":"https:\/\/uniquehot.com\/?p=548862"},"modified":"2024-06-11T08:12:19","modified_gmt":"2024-06-11T08:12:19","slug":"mastercard-axes-binance","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/binance-coin\/mastercard-axes-binance\/","title":{"rendered":"MasterCard Axes Partnership With Binance Amid Regulatory Pressures"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The crypto space is in pandemonium after MasterCard, a global payment service giant, announced the imminent termination of its services and alliance with the Binance crypto exchange.\u00a0\u00a0<\/span><\/p>\n<h2>Mastercard To Sever All Ties To Binance<\/h2>\n<p><span style=\"font-weight: 400\">Binance, the world\u2019s largest cryptocurrency exchange by trading volume, is facing new challenges that could impact its reputation and growth rate. According to <\/span><a href=\"https:\/\/twitter.com\/BinanceHelpDesk\/status\/14976212?s=20\" rel=\"nofollow\"><span style=\"font-weight: 400\">reports<\/span><\/a><span style=\"font-weight: 400\">, Mastercard will discontinue its services on Binance, ending a years-old relationship and crypto cards programs starting Friday, September 22.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/analysis\/btc\/binance-bitcoin-bnb\/\">Is Binance Really Selling Bitcoin To Prop The Price Of BNB?<\/a><\/div>\n<\/div>\n<p><span style=\"font-weight: 400\">The reason for the abrupt termination has not been clarified by Mastercard. Some have attributed the news to the recent <\/span><a href=\"https:\/\/uniquehot.com\/news\/ripple\/us-sec-sues-binance-fails-to-mention-ripple-xrp-as-security\/\"><span style=\"font-weight: 400\">regulatory challenges and lawsuits Binance<\/span><\/a><span style=\"font-weight: 400\"> has been up against since this year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Binance has refrained from making any comments regarding the reason for the suspension or who initiated the decision first. However, the crypto exchange has reassured users around the globe, stating that their Binance accounts are not affected by the news and they can continue their crypto transactions per usual.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cBinance accounts around the world are not affected. Where available, users can also shop with crypto and send crypto using Binance Pay, a contactless, borderless, and secure cryptocurrency payment technology designed by Binance,\u201d Binance stated.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Mastercard and Binance have been working together as partners for about four years. Around August 2022, they both joined hands to initiate debit card programs for four major countries, allowing users in Brazil, Argentina, Colombia, and Bahrain to have access to cryptocurrency assets via their Mastercards linked to a cryptocurrency wallet.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Binance first partnered with Mastercard to launch <\/span><a href=\"https:\/\/bitcoinist.com\/binance-set-to-terminate-debit-card-service\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">crypto card payments<\/span><\/a><span style=\"font-weight: 400\"> in Brazil and Latin America at the beginning of 2023. The crypto exchange then made a similar announcement and launched prepaid crypto cards in Argentina in August 2022.\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/ctAmGz78\/\" alt=\"Binance Coin (BNB) price chart from Tradingview.com (MasterCard)\" width=\"2884\" height=\"1746\"><\/p>\n<pre style=\"text-align: center\">BNB price struggles amid regulatory pressures | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">BNBUSD on Tradingview.com<\/a><\/pre>\n<h2>Financial Service Companies Break Away Following SEC Lawsuit<\/h2>\n<p><span style=\"font-weight: 400\">Binance has been in a legal battle with the United States Securities and Exchange Commission (SEC) since June when the SEC sued the crypto exchange for allegedly offering unregistered securities. The regulator further attempted to <\/span><a href=\"https:\/\/uniquehot.com\/binance\/binance-us-responds-to-motion-seeking-fund-freeze-asserts-secs-claims-are-invalid\/\"><span style=\"font-weight: 400\">freeze all Binance assets<\/span><\/a><span style=\"font-weight: 400\"> stating that the crypto exchange was operating a \u201cweb of deception\u201d and filing 13 charges against Binance.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Since then, Binance has been facing regulatory hurdles and industry challenges with many companies ending year-long partnerships and the <\/span><a href=\"https:\/\/uniquehot.com\/breaking-news-ticker\/binance-coin-slides-under-220-what-comes-next-after-consolidation\/\"><span style=\"font-weight: 400\">price of BNB<\/span><\/a><span style=\"font-weight: 400\"> declining as a result.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The cryptocurrency exchange has also ended several projects in the course of a month and carried out <\/span><a href=\"https:\/\/bitcoinist.com\/binance-massive-layoff-over-1000-employees-fired\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">massive layoffs<\/span><\/a><span style=\"font-weight: 400\"> following the SEC\u2019s Lawsuits.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/ethereum\/ark-invest-ethereum-futures-etf\/\">Cathie Wood\u2019s ARK Invest Joins Ethereum Futures ETF Race After Spot Bitcoin ETF Delay<\/a><\/div>\n<p><span style=\"font-weight: 400\">Recently, Binance shut down all cryptocurrency service operations on its official fiat-to-cryptocurrency payments provider, Binance Connect. The cryptocurrency exchange also <\/span><a href=\"https:\/\/bitcoinist.com\/binance-checkout-com-cuts-ties-citing-aml-concerns\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">discontinued its partnership with Checkout.com<\/span><\/a><span style=\"font-weight: 400\">, a global payment service, after Checkout\u2019s CEO terminated its contract this month.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Visa, another payment service giant, also cut ties with Binance in July and stopped supplying co-branded cards with Binance in Europe.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">At the moment, it is unsure what the outcome of the SEC and Binance case would be. However, the results will undoubtedly impact the crypto industry and financial sector.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Featured image from CoinCu, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The crypto space is in pandemonium after MasterCard, a global payment service giant, announced the imminent termination of its services and alliance with the Binance crypto exchange.\u00a0\u00a0 Mastercard To Sever All Ties To Binance Binance, the world\u2019s largest cryptocurrency exchange by trading volume, is facing new challenges that could impact its reputation and growth rate. According to reports, Mastercard will discontinue its services on Binance, ending a years-old relationship and crypto cards programs starting Friday, September 22.\u00a0 Related Reading: Is Binance Really Selling Bitcoin To Prop The Price Of BNB? The reason for the abrupt termination has not been clarified by Mastercard. Some have attributed the news to the recent regulatory challenges and lawsuits Binance has been up against since this year.\u00a0 Binance has refrained from making any comments regarding the reason for the suspension or who initiated the decision first. However, the crypto exchange has reassured users around the globe, stating that their Binance accounts are not affected by the news and they can continue their crypto transactions per usual.\u00a0 \u201cBinance accounts around the world are not affected. Where available, users can also shop with crypto and send crypto using Binance Pay, a contactless, borderless, and secure cryptocurrency payment technology designed by Binance,\u201d Binance stated. Mastercard and Binance have been working together as partners for about four years. Around August 2022, they both joined hands to initiate debit card programs for four major countries, allowing users in Brazil, Argentina, Colombia, and Bahrain to have access to cryptocurrency assets via their Mastercards linked to a cryptocurrency wallet.\u00a0 Binance first partnered with Mastercard to launch crypto card payments in Brazil and Latin America at the beginning of 2023. The crypto exchange then made a similar announcement and launched prepaid crypto cards in Argentina in August 2022.\u00a0 BNB price struggles amid regulatory pressures | Source: BNBUSD on Tradingview.com Financial Service Companies Break Away Following SEC Lawsuit Binance has been in a legal battle with the United States Securities and Exchange Commission (SEC) since June when the SEC sued the crypto exchange for allegedly offering unregistered securities. The regulator further attempted to freeze all Binance assets stating that the crypto exchange was operating a \u201cweb of deception\u201d and filing 13 charges against Binance.\u00a0 Since then, Binance has been facing regulatory hurdles and industry challenges with many companies ending year-long partnerships and the price of BNB declining as a result.\u00a0 The cryptocurrency exchange has also ended several projects in the course of a month and carried out massive layoffs following the SEC\u2019s Lawsuits.\u00a0 Related Reading: Cathie Wood\u2019s ARK Invest Joins Ethereum Futures ETF Race After Spot Bitcoin ETF Delay Recently, Binance shut down all cryptocurrency service operations on its official fiat-to-cryptocurrency payments provider, Binance Connect. The cryptocurrency exchange also discontinued its partnership with Checkout.com, a global payment service, after Checkout\u2019s CEO terminated its contract this month.\u00a0\u00a0 Visa, another payment service giant, also cut ties with Binance in July and stopped supplying co-branded cards with Binance in Europe.\u00a0 At the moment, it is unsure what the outcome of the SEC and Binance case would be. However, the results will undoubtedly impact the crypto industry and financial sector. Featured image from CoinCu, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":548863,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83379],"tags":[10768,84195,13446,83605,6664,12307,14690,2913,89222,3799,89194],"class_list":["post-548862","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-binance-coin","tag-binance","tag-binance-crypto-exchange","tag-binance-exchange","tag-binance-news","tag-crypto","tag-crypto-exchange","tag-crypto-news","tag-mastercard","tag-mastercard-news","tag-sec","tag-sec-news"],"acf":[],"yoast_head":"\n<title>MasterCard Axes Partnership With Binance Amid Regulatory Pressures<\/title>\n<meta name=\"description\" content=\"The crypto space is in pandemonium after MasterCard announced the imminent termination of its services with 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