Mastercard and Visa have stopped issuing crypto payment cards for Binance due to regulatory issues with the platform, Bloomberg has reported.
Visa has reportedly suspended the launch of joint products in Europe since July, while Mastercard intends to completely discontinue its partnership with Binance in September.
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The CFTC filed a civil lawsuit against Binance back in March accusing the platform of violating rules for derivatives trading by operating without proper registration.
In June, the SEC filed a total of 13 charges against Binance and its CEO, Changpeng Zhao.
The platform has run into trouble in Europe as a result of regulatory pressure in the US For example, Binance has withdrawn license applications in the UK, Austria, Cyprus and has announced it is leaving the Dutch market.