Mastercard Inc. and Visa Inc. are two of the leading credit card providers in the world. They are used globally, and with the emergence of cryptocurrency, they have teamed up with Binance to provide crypto services to customers.

However, in a recent development, both Visa and Mastercard reportedly discontinued their partnership with the crypto exchange firm in four Latin American countries. Visa already stopped issuing Binance cards, while Mastercard has totally ended their agreement.

According to Bloomberg, American financial services companies are distancing themselves from Binance Holdings, which is currently under threat from financial regulators across the globe. The credit card issuers decided to step back from their collaboration seemingly to avoid any issues that may arise later.

As of July, Visa halted the issuance of new co-branded cards in Europe and for Mastercard, it will completely cut its ties with Binance next month. When contacted to give reasons for their decision, both companies declined to comment.

In any case, Binance is facing criticism and has come under heavy scrutiny from financial regulators. This comes after officials have intensified their crackdown on the crypto industry after a string of scandals and issues have cropped up in the past year.

Meanwhile, Reuters reported that Mastercard will put an end to its cooperation with Binance. This will discontinue their four crypto card programs in Argentina, Bahrain, Brazil, and Colombia. The spokesman of Mastercard said via email this week that their contract with Binance is effectively ending on Sept. 22.

Mastercard’s decision will only affect less than one percent of card users in Latin America and the Middle East. The company assured that the decision would have no impact on any of its other crypto card programs.

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