In September 2020, Binance offered its users the ability to use cryptocurrency cards, with Visa as the issuer. Later, MasterCard joined the partnership.
However, Visa stopped issuing crypto cards to Binance users in July, and starting September 2023, MasterCard will no longer provide such services from the platform.
According to Bloomberg, the termination of crypto card services might cause Binance to lose some of its customers.
The press service has commented on the situation, claiming the risks to the company’s business were minimal, as the decision of payment systems was going to affect less than 1% of the users from Latin America and the Middle East, with the rest still able to use such services as usual.
Additionally, in March 2022, Binance stopped servicing cards from Russian banks, though they still remain in the Russian market, unlike many other exchanges that have blocked accounts from the country.
