Financial giant Mastercard has terminated its crypto card deal with Binance, the world's largest cryptocurrency exchange.
The deal, which was announced in May 2022, would have allowed Binance users to spend their cryptocurrencies at Mastercard merchants around the world.
However, Mastercard said in a statement that it had terminated the deal "due to a number of factors, including ongoing compliance concerns."
Binance has been facing increasing scrutiny from regulators around the world.
In the United States, the Securities and Exchange Commission (SEC) is investigating Binance for possible securities violations.
which has been trying to expand its reach into the mainstream financial world.
It is also a setback for Mastercard's plans to enter the cryptocurrency market.
The future of the Binance crypto card is unclear.