Binance, Crypto, Fintech, Cards, Mastercard
Binance's logo (Youtube Screenshot/ Binance Official YouTube Channel) AFP

Binance Holdings will stop offering its credit card service in Middle Eastern and Latin American countries after Mastercard ended its partnership with one of the largest crypto exchanges in the market.

According to Bloomberg News, a Mastercard spokesperson said the financial services giant will end its co-branded debit card with Binance in a move that the crypto exchange says will not have an impact on most of its users.

The Binance Card will cease service in Bahrain on August 25, and as of September 22, the card will stop servicing customers in Argentina, Brazil, Colombia.

Read more: Binance, Mastercard Introduce Prepaid Crypto Card In Latin America

In a message on X (formerly known as Twitter), Binance said hat only a "tiny portion of our users (less than 1% of users in the markets mentioned) are impacted by this."

The crypto company also said that the Binance Card in these markets is mostly utilized by users to pay for basic daily expenses which are, in this case, funded by crypto assets.

Binance Holdings faces legal battles in two continents, with a money laundering probe in France and a suit filed by U.S. regulators for operating a "web of deception," a charge that the company founded by entrepreneur Changpeng Zhao denies.

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