Mastercard has recently severed its card partnership with global cryptocurrency platform Binance in Latin America, following a similar move by Visa in July. This decision highlights a pattern of traditional financial institutions being cautious when working with the exchange. Binance has also announced the discontinuation of its crypto debit card services in the Middle East and Latin America, effective August 25. This affects less than 1% of its user base in the specified markets.In addition, Binance’s Australian banking partner Cuscal has ended its partnership with the exchange, suspending deposits and withdrawals of Australian dollars via PayID. This is due to Cuscal’s strict due diligence, onboarding and compliance requirements for its clients and any of their customers and/or merchants.The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission have initiated legal actions against Binance and CEO Changpeng “CZ” Zhao, alleging violations of securities rules and unauthorized US user access. Binance has contested these claims.
| Information |
Details |
| Geography |
South America |
| Countries |
🇨🇴 🇦🇺 🇺🇸 |
| Sentiment |
negative |
| Relevance Score |
10 |
| People |
Changpeng “CZ” Zhao, Cuscal, Visa, Mastercard, Bloomberg |
| Companies |
Mastercard, Visa, Binance, Cuscal, US Securities and Exchange Commission, Commodity Futures Trading Commission |
| Currencies |
None |
| Securities |
None |
