A Mastercard representative told Reuters via email on Thursday that the company will terminate its four crypto card schemes with Binance in Argentina, Brazil, Colombia and Bahrain by Sept. 22.
These cards enable users to pay with conventional currencies, backed by their crypto assets on the exchange.
The representative also said that this decision will not affect any other crypto card schemes that Mastercard has with other crypto exchanges, such as Gemini, which are listed on its website.
Binance is dealing with legal and regulatory issues. In June, U.S. regulators accused the crypto exchange and its CEO Changpeng Zhao of running a “web of deception” and filed a lawsuit against them. Binance has vowed to fight back “vigorously.”
In April, Raj Dhamodharan, Mastercard’s crypto and blockchain chief, said to Reuters that the company was looking for more collaborations with crypto firms.
He did not comment on Binance specifically, but he said that every card scheme “undergoes full due diligence” and is constantly supervised.