Could the goverment behind failed binance card partnership with Mastercard?

nelson4lov

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I don't think Mastercard/Visa are moving away from crypto because they have crypto divisions in their org. It would likely be due to the current Binance court case with the SEC. Right now, Binance is too hot to handle so it comes as no surprise that Mastercard is pulling out. As a matter of fact, I won't be surprised if other binance partners follows suit.

Quote from: tech30338 on August 26, 2023, 10:50:54 AM

What are your thoughts about this and could this have a major effect?

It would only have an effect if Master card pulling out of the partnership pushes other brands affiliated with Binance to do so as well. It might even have a cascading effect on the market as binance is the biggest exchange and if they lose their volume, partnership and court case, definitely a problem for the market not particularly for Bitcoin. Exchange come and go at the end of the day.

Faisal2202

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That's definitely sad news, and that's not enough; it means there are other options outside of Binance to withdraw or deposit funds, mostly in Europe. Besides this, Binance has been banned from almost 4 or 5 countries and is still facing a lot of criticism (other than from DEX users).

And we all know this all started just after the bad relationship between the SEC and Binance. For which Binance had to leave the US, and still it is facing a lot of cases and problems. But I hope it stays still and grows more. Due to many reasons, I said that. Other than the fact that they are CEX, I still need them.

The point being made here is that yeah, the thing that is totally centralized is backed, drowned, and managed only by bigger, more powerful centralized platforms than that.

Upgrade00

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The reason for the break in relationship could be due to the current legal battles Binance is facing with the SEC. MasterCard might want none of that and would want to dissociate their brand as quickly as possible from it.
It's something we see everyday, especially from brands that depends hugely on trust and reputation to not want anything that will cause users to question their integrity.

MasterCard are still in partnership with some other crypto exchanges.

Quote from: tech30338 on August 26, 2023, 10:50:54 AM

What are your thoughts about this and could this have a major effect?

On the general crypto market? No, I don't expect any significant effect on it.

Nwada001

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Quote from: tech30338 on August 26, 2023, 10:50:54 AM

What are your thoughts about this and could this have a major effect?

I don't see any possible effect that this can have based on my calculations, as those cards are linked to users personal Binance accounts. Even if the use of the card has been limited, users can still have access to the funds on the account, and as such, they can use their login details to either withdraw the funds or fund their local bank account and complete whatever purchase they want to make.

The only place that there could have been a negative effect is if the card didn't have any physical accounts that users could fall back on when accessing their funds. Before Binance Card, there have been numerous crypto payment options, so this won't be a big deal to the crypto industry but might have a little negative profit effect on Binance as any fee that has been budgeted to be achieved from the card users will be cut.

tech30338

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Who are already using this cards here? card users of binance brand card will only be use until September of this year, I think the government and SEC are behind this also big and powerful people because if this happens they will be impact with this, both visa and mastercard are said to have stepback away from binance, meaning for them to do that where they have more profits there are really high power people that is preventing this to happen
What are your thoughts about this and could this have a major effect?
Here are the links of the news hopes this helps those who already have try the card.

https://www.cnbc.com/2023/08/25/mastercard-ends-binance-card-partnership.html#:~:text=Mastercard%20confirmed%20that%20it%20is,no%20longer%20be%20in%20use.%E2%80%9D
https://www.nbcnewyork.com/news/business/money-report/mastercard-ends-binance-card-partnership-in-latest-blow-to-crypto-giant/4623501/

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