Mastercard and Binance are ending crypto card programs in Argentina, Brazil, Colombia and Bahrain, Reuters reported.
Binance and Mastercard forged the partnership allowing users to convert cryptocurrency into fiat currency with the ability to earn up to 8% cash back in crypto, depending on the purchase. Merchants still received fiat currency, while customers used their crypto as a means of payment which was intended to bolster broader crypto adoption.
The cessation, set for Sept. 22, will not affect Mastercard's other crypto card programs.
The reason behind Mastercard’s decision has not been disclosed, but it comes at a time when Binance is facing legal issues and regulatory scrutiny.
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