A few days ago, Mastercard announced a partnership with the world’s largest crypto exchange operator, Binance, to launch Binance Card in Argentina to bridge the gap between cryptocurrencies and everyday purchases. Argentina is the first country in Latin America to have the product. The product will be widely available in the coming weeks. The partnership is interesting because Binance is highly controversial in many regulatory regimes such as the UK and the Netherlands. The UK FCA speaks of the impossibility of effective supervision in this context.
In May 2022, De Nederlandsche Bank (DNB), the Duch central bank, fined Binance €3.3 million for operating in the Netherlands without registration. Binance filed an appeal against the fine and said that it is pursuing a Dutch license. Earlier this year, the UK FCA issued concerns about the Binance Group and said that it would not be able to effectively supervise the crypto group.
The Binance Card for Argentina is issued by Credencial Payments and will allow all new and existing Binance users in Argentina with a valid national ID to make purchases and pay bills with cryptocurrencies, including Bitcoin and BNB, at over 90 million Mastercard merchants worldwide, both in-store and online. Users can enjoy a seamless transaction in which their cryptocurrencies are converted to fiat currency in real-time at the point of purchase, as well as earn up to 8% in crypto cashback on eligible purchases and enjoy zero fees* on ATM withdrawals.
