Visa And Mastercard Distancing Themselves From Binance Unlikely to Hurt the Crypto Exchange: Experts Payment

Visa And Mastercard Distancing Themselves From Binance Unlikely to Hurt the Crypto Exchange: Experts Payment giants Visa and Mastercard paring back their ties with Binance isn’t surprising as the company grapples with recent legal challenges, but it is unlikely to hurt the crypto exchange’s market share. Binance, the biggest crypto exchange by trading volume, is facing multiple charges by the U.S. Securities and Exchange Commission (SEC), including allegations that the exchange has been operating an unregistered business and misled investors about the company’s risks. The U.S. Department of Justice is also looking into the exchange and is reportedly considering charging Binance for fraud. 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. “It’s unsurprising that payment processors want to distance themselves from that,” he said.