The Giant payment company Mastercard stopped isseuing Credit Card in partnership with Binance crypto exchange in the United State after seeing SEC Security And Exchange Commission negative behave and charges. Cryptocurrency Exchange Binance is the largest exchange by Trading volume in the world. Also the card companies Mastercard and VISA are the top player of the field. Thery cover almost 90 percent of the global market.
Recently VISA and Mastercard companies have stopped isseuing cards in partnership with Binance Exchange. Earlier this year 2023, THE CEO of Binance was very exciter while they announced the partnership of Mastercard with Binance Exchange.
This partnership surged the cryptoprice up to 3% in a single day. That time Bitcoin was surged with 4.13% after the news was published in mainstream media.
Why Mastercard Stopped Isseuing Credit Card in Partnership With Binance Crypto Exchange
US SEC Charges on Binance Exchange
US Security and Exchange Commission SEC have applied many charges on giant exchange BINANCE. SEC charges includes unregistered business in US and misleading investors.
The way the Security and Exchange Board of India works in India, in the same way the Security and Exchange Commission works in America.
The Securities and Exchange Commission has found that the Binance exchange is not registered in the United States for investment purposes.
Binance cryptocurrency exchange is the world's largest cryptocurrency exchange and it does not have any documents related to investment and registration.
This is a big sad thing for all investors and traders and it will affect their portfolio somewhere.
US Legal Issues With Binance
United states is very strict for their citizens. No unregistered business like crypto exchange can operated without proper documentation.
Investment companies should have approval from SEC with proper documentation.
Now brokerage platforms like Zerodha and AngelOne issue 1 notification to do any type of trading in India.
In which notification users are informed about all the risks and benefits associated with trading. The Security and Exchange Commission says that if Binance Exchange is a big and responsible investment form. Then it should give this type of information to its users, otherwise it will be considered illegal.
This is the reason why Balance Exchange is facing allegations of miss leading information in United States and it is having a wrong effect on cryptocurrency market somewhere.
VISA Partnership Terminated
VISA along with Mastercard have terminated its partnership with Binance. In fact, companies like Visa and Mastercard had announced a partnership with the cryptocurrency exchange to offer credit cards.
People could use this credit card for shopping and payment transactions in exchange for cryptocurrency.
If seen, all these things proved that now cryptocurrency is being used as the main currency.
Impact of Mastercard And VISA Partnership Termination
Crypto Exchange Value Damage
The crypto currency market has been in turmoil ever since Mastercard canceled its tie-up with Kripa Currency Exchange.
The Security and Exchange Commission of the United States has accused the Binance exchange of being securities fraud and unregistered business.
When such allegations are made on the world's largest cryptocurrency exchange Binance, it affects its image.
Being the world's largest exchange, this has an adverse effect on the entire cryptocurrency market and the price of cryptocurrency decreases.
Crypto Market Price Down
As soon as any wrong news comes in the market, it has a direct effect on the currency price. When the news of partnership came, the value of bitcoin cryptocurrency increased by 4%. And almost all cryptocurrencies saw a jump of three to four percent.
Now as we know that there is news of cancellation of partnership between Mastercard and Binance in the market, then it will have a bad effect.
It is possible that the entire crypto market may fall by 10 to 20 percent or it may come even more.
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