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Mastercard And Binance End Crypto Card Partnership

Mastercard (MA) and cryptocurrency exchange Binance are ending their crypto card programs in Argentina, Brazil, Colombia, and Bahrain as of September 22.

The crypto cards had allowed users to make payments in traditional currencies using a Mastercard that was funded by their cryptocurrency holdings on the Binance exchange.

Binance is facing legal issues, with U.S. regulators suing the crypto exchange and its Canadian Chief Executive Officer (CEO) Changpeng Zhao for allegedly selling unregulated securities.

Mastercard has made expanding into cryptocurrencies a priority, and the decision to end the partnership with Binance does not impact any of Mastercard's other crypto initiatives, the company said in a news release.

On X, formerly known as Twitter, Binance said that its crypto card “will no longer be available to users in Latin America and the Middle East.”

Mastercard’s stock has gained 15% over the last 12 months to trade at $397.67 U.S. per share.