Mastercard and Binance originally announced beta tests in Argentina just one year ago. The card allowed Binance users to convert cryptocurrencies into fiat currency in real-time at the point of purchase.
A spokesperson for Mastercard told Reuters that this move will not impact the company’s other crypto card programmes, but declined to comment on why their partnership with Binance was ending.
A Binance spokesperson also told Bloomberg that Visa stopped issuing new Binance co-branded cards in July.
Binance has faced a number of controversies this year, including the US Securities and Exchange Commission suing the company and CEO Changpeng Zhao for alleging a host of securities law violations and accusing the world’s largest crypto exchange of engaging in an “extensive web of deception.”