Visa And Mastercard leaving partnerhip with Binance

Visa And Mastercard both are well-known brands worldwide. They are the leading card issuing company across the world and whatever credit or debit card you hold is most likely issued from either the Visa or the Mastercard. both grants have done the partnership with his leading exchange when the market was in a better situation but now when the exchange is going through a lot of challenges because of the regulatory issues they have decided to leave it behind. It often happens when something goes wrong then many brands avoid being part of that and for them, it is always a good option to leave the partnership and avoid unnecessary regulatory issues.

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We know that things are not going well in the US market for Crypto companies and Binance as an exchange has been struggling too. even other exchanges like Gemini or the coin base are also struggling and as of now, it is difficult to say anything about this because we have no idea how long it is going to take. ripple case is well known and recently we have seen the partial victory but seems like things are again going back to the same pace as SEC has stated recently that they will appeal.

Visa reportedly stopped issuing new co-branded cards with Binance in Europe. A Mastercard spokesperson confirmed the end of its partnerships to CoinDesk with Binance, without providing the details behind the decision. “We had four pilot programs in the market with them – Argentina, Brazil, Colombia and Bahrain. This decision applies to each of these Binance programs. There is no impact on any other crypto card program,” the spokesperson said. Visa didn't immediately respond to requests for comments. Binance said on social media platform X (formerly known as Twitter) that the Binance Card will no longer be available to users in Latin America and the Middle East.

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I believe the experience of using these cards to pay for goods and services using the cryptocurrency must be good however I never got this opportunity. It is because this service is not available in my country but wherever it is available this must be bringing a lot of use case to the Crypto. The exchange has already announced that they are going to stop new card issuance in Latin America and the Middle East with immediate effect and probably they will bring more restrictions to the usage since both the brands have already announced this distance in partnership.

In India, I'm not sure if any companies provide such cards because the current legal framework does not allow any crypto exchange to do that but yes there is a company called Go Sats and they do issue some cards. Heres the use case is different because using these cards you cannot pay using crypto but the card can be used to earn some cash back in the form of Cryptocurrency. It is the same as a prepaid card or you can call it a debit card where you need to add the fiat currency using different ways and when you shop using the card then certain percentage is given back in the form of cash and this will come as cryptocurrency.

Binance is a big exchange and as per them, this change will not even impact 1% of their users so there is hardly any impact. I do not have any data but I believe there is a very low percentage of people who use these cards for making payments because the majority of countries do not allow these cards to be issued. The United States was one of the biggest examples where things were going well but now looking at the current scenario it seems like countries like UAE are setting up examples in the crypto market. There is a lot of FUD news going on about the Binance exchange and its hard to figure out if its true or not.

I can't comment on the news about Binance where some influencers are trying to prove that BNB and Binance exchange are not in a good situation and it can be another FTX but I don't see any issue with their operations. Its always suggested not to keep the bigger amount of crypto in exchange and a hardware wallet is recommended if you don't trade but what I believe is that if something happens to Binance then we need to be ready to see a bigger crash in the crypto market.

Thank you

Posted Using LeoFinance Alpha