Mastercard ends Binance card partnership in latest blow to crypto giant

Mastercard will no longer offer Binance-branded cards in Latin America and the Middle East, which let customers user their crypto to purchase goods, Binance said Thursday.

Visa ended a similar card tie-up with Binance in Europe in July, a spokesperson for the company told Bloomberg.

Crypto continues to face a broadly tepid response from the financial services industry.

Embattled cryptocurrency exchange Binance has lost some business with payment card networks Mastercard and Visa.

The development is a sign of how traditional financial institutions are growing wary of working with the company as it faces intense regulatory scrutiny and wider concerns around financial compliance within the crypto industry