Is Binance Doomed? Mastercard Breakup with the Biggest Crypto Exchange

• Mastercard and Binance won’t be together anymore. Mastercard is withdrawing its card payment services. 
• According to Binance, the removal process starts from September 21st. 

Binance, the biggest crypto exchange in the world, isn’t having it good recently. It is facing 13 charges from the US regulator for breaking the rules. On the other hand, Mastercard announced removing its card payment services from the platform. Here is everything to know. 

Mastercard Breakup With the Biggest Crypto Exchange, Binance 

• Binance is the biggest crypto exchange, assuming you are considering the market cap. But recently, they suffered a real blow after the decision of Mastercard to suspend their card payment services on the platform. Apparently, it seems this decision came from the two entities. 
• Binance users in Argentina, Brazil, Bahrain, and Columbia receive the most effects from this decision. They won’t use their Binance cards to make payments. Nevertheless, this decision will extend to other parts of the world. But it seems the date for the abrupt removal of this service is very near. 
• According to Binance’s X accounts, the biggest crypto exchange plans the termination by the end of 21 September. This is in line with Binance’s plans to restructure the company fully. The exchange recently suffered blows with lawsuits from US regulators. So, the biggest crypto exchange is actively removing what they consider unnecessary. 
• One of them was removing their payment services, formerly known as Bifinity. Called Binance Connect, the exchange removed this service after less than a year of operations. 

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Hello Eric,

The Binance Card will no longer be available to users in Latin America and the Middle East. The product, like most debit cards, has been utilized by Binance’s users to pay for basic daily expenses but in this case, the cards are funded with crypto assets. Only a tiny…

— Binance Customer Support (@BinanceHelpDesk) August 23, 2023

The Decision on the Biggest Crypto Exchange Won’t Affect Others 

• While speaking to Reuters, Mastercard made a statement regarding their new decision. They say the new development won’t impact other of their users and partners. 
• According to Binance, the new decision will only impact less than 1% of their users. Despite being the biggest crypto exchange, another crypto exchange benefits from this service. Gemini is among the users of Mastercard payments. However, there’s assurance of no impact for them. Moreover, this decision was for Binance alone. 

Impact of the New Decision On BNB 

Coinmarketcap 

• Generally, this decision didn’t strongly impact BNB’s price. Generally, the crypto market isn’t looking good. So, BNB is suffering from a bad market situation rather than the new development. 
• At the time of writing, BNB is around the $216 range. That’s slightly over a 1% increase in the past 24 hours. For the weekly charts, things aren’t looking good, too, as the price is down by close to 1%. But the worst is the monthly charts at more than 9% decrease. 

Conclusion 

Binance recently suffered a crucial loss with Mastercard breaking up their commitment to each other. Binance is the biggest crypto exchange in the world, and decisions like this should impact the price of their assets. However, their number one asset, the BNB, is doing just fine in the market. Only the general market situation looks like an impact.