Binance Mastercard Visa

New shot for Binance discharged by Mastercard and Visa

30 August 2023

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The recent judicial events between Binance, the Securities and Exchange Commission and the Commodity Futures Trading Commission in the United States would have had new feedback. According to Bloomerg, both Visa and Mastercard have decided to stop issuing co-branded cards with the platform.

Binance

Binance is one of the largest cryptocurrency exchange platforms in the world. Founded in 2017 by Changpeng Zhao, the platform offers a wide range of cryptocurrency services, including trading over 1000 cryptocurrencies, marginal trading, and futures.The platform's reputation stems from its user-friendly interface and provision of advanced options tailored to experienced traders.

It has gained popularity thanks to its large selection of supported cryptocurrencies and low trading fees. The platform also issues its own token called Binance Coin (BNB), which can be used to pay trading fees on the platform and to access special benefits.

The problems of the platform

Binance was also the center of attention for regulatory issues. Global concerns over platform's unregulated nature and potential for illicit use raised by multiple jurisdictions. This has led to greater regulatory control over the platform in some countries.

Excluded from US banking, no Australian credit transfers accepted since May 2023.. Among the latest events would be the subpoena of Binance and his CEO, Changpeng "CZ" Zhao, for an alleged violation of securities regulations and for circumventing the rules to allow access to cryptocurrency exchanges.

In June, the block came from Belgium with the National Financial Services and Market Authority (FSMA) informing Binance not to serve domestic customers outside the European block.
Among the last realities to take distance from the platform, as reported by Bloomberg, there would be Mastercard and Visa.

The break of Binance with Mastercard and Visa

The initial hint of the split surfaced when Binance announced the closure of Binance Connect, a service facilitating crypto acceptance via Visa and Mastercard networks.

Then the two circuits made the decision to stop their relationship with the platform. Visa's gradual separation began in July 2023 with the decision to halt marketing of co-branded cards with Binance.

For Mastercad, however, it is a definitive separation of the collaboration, which comes into force from September 2023. The news was the same Binance, with a statement to inform its users:

"The product, like most debit cards, has been used by Binance users to pay basic daily expenses, but in this case the cards are financed with cryptocurrency assets. Only a small part of our users, less than 1%, will be affected by this problem. Users of this product will have until 21 September 2023, when the card will no longer be available for use.

Binance accounts in the world are not interested. Where available, users can also make purchases with cryptocurrencies and send cryptocurrencies using Binance Pay, a contactless, borderless and secure cryptocurrency payment technology designed by Binance".

SOURCE: Corriere Comunicazioni
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