Binance, the largest crypto exchange by trading volume, is facing multiple charges from the US Securities & Exchange Commission (SEC), including allegations that the exchange has been operating an unregistered business and misleading investors about company risks. This is in addition to charges filed by the US Commodity Futures Trading Commission (CFTC) in May for what they called “willful evasion” of US law.
The US Department of Justice is also investigating the exchange and is reportedly considering prosecuting Binance for fraud.
Given all the legal challenges Binance has faced, the move by mainstream companies like Visa and Mastercard is not surprising, said Dave Weisberger, CEO and co-founder of CoinRoutes. “It’s not surprising that payments companies would want to distance themselves from that,” he said.
Visa has reportedly stopped issuing new cards together with Binance in Europe. A Mastercard spokesperson confirmed to CoinDesk the end of its partnership with Binance, without providing details behind the decision. “We had four pilot programs with them – Argentina, Brazil, Colombia and Bahrain. This decision applies to each of these Binance programs. There is no impact on other crypto card programs,” the spokesperson said. Visa did not immediately respond to a request for comment.
Binance said on social media platform X (formerly Twitter) that the Binance Debit Card is no longer available to users in Latin America and the Middle East.
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