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Tag: Mastercard

June 7, 2024

#BinanceWatchDog: Mastercard’s Puzzling Decision to Resume Services with Binance Amid Ongoing Controversies!

In a surprising decision, Mastercard has decided to resume its debit card program with Binance, the world's largest and most embattled crypto exchange, despite numerous ongoing controversies and serious allegations. This move raises significant questions about the card giant’s risk assessment and decision-making processes. Trustpilot suspended the Binance TrustScore due to a fake review investigation. Consequently, PayRate42 downgraded Binance's Risk Rating to Red.

PSR UK

May 24, 2024

Visa and Mastercard Under Regulatory Scrutiny in the UK Over High Merchant Fees

The UK’s Payment Systems Regulator (PSR) is intensifying its oversight of Visa and Mastercard, aiming to reduce their overwhelming market dominance and address the issue of soaring merchant fees. With both companies controlling 95% of card transactions in the UK, their recent 30% fee hike, unaccompanied by any service improvements, has prompted a regulatory crackdown aimed at restoring transparency and fairness in the market.

Crypto

August 25, 2023

MasterCard Ends Partnership With Binance Amid Regulatory Scrutiny

Mastercard and Binance, a prominent crypto exchange, have terminated their four crypto card initiatives in Argentina, Brazil, Colombia, and Bahrain, effective September 22nd. A Mastercard representative confirmed this announcement. These Binance cards enabled users to conduct transactions in conventional currencies, which were backed by their cryptocurrency assets held on the Binance platform.

August 15, 2023

Mastercard Goes Africa And Buys Stake in Mobile Payment Operator MTN at $5.2 Billion Valuation!

Mastercard has agreed to purchase a minority stake in the fintech division of MTN Group, Africa’s largest cell phone provider, which it values at $5.2 billion on a cash and debt-free basis. While the specifics of Mastercard's investment will remain confidential until the deal's completion, which will likely occur soon as both parties near the end of the due diligence process. This news has led to a significant surge in MTN's stock, marking its highest increase in three months.

FinTelegram

August 10, 2022

Mastercard And Discoer May Also Be Sued In The PornHub Court Battle [Video]

In a recent interview by attorney Lauren Tabaksblat, one of the two Brown Rudnick partners leading the case against Visa and the Pornhub operator MindGeek warned Mastercard and Discover that they would be sued as well. In a landslide ruling last week, a U.S. judge said that Visa may have helped Pornhub “monetize child porn.” Since then, Visa and the credit card companies have not been able to escape criticism. They would knowingly and willingly support illegal activities like child porn with their payment services.

August 9, 2022

Despite Regulatory Issues, Mastercard Embraces Binance To Launch Crypto Debit Card in Argentina!

A few days ago, Mastercard announced a p,artnership 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.

June 9, 2022

FinTech CEO Anne Boden Calls Crypto A Threat To Our Financial System!

Anne Boden, founder and CEO of the Goldman Sachs-backed UK FinTech Starling Bank has doubled down on criticisms of crypto, calling digital currencies a threat to the safety of payment infrastructure. Cryptocurrencies are a threat to the safety of our payment schemes and very dangerous, she said at the Money 20/20 fintech conference in Amsterdam. Starling Bank offers fee-free checking accounts and loans through an app. The firm was last privately valued at $3.1 billion and counts the likes of Goldman and Fidelity as investors.

Former Lebanon Central Bank Governor Riad Salameh Charged with Financial Crimes

It was a long-expected move. The powerful former Lebanon Central Bank Governor Riad Salameh has been arrested and charged with embezzling $42 million in public funds, part of a broader $110 million fraud case. His detention comes amid ongoing domestic and international investigations into financial misconduct during his controversial three-decade tenure. In 2022, the European Union Agency for Criminal Justice Cooperation (Eurojust) froze assets worth €120 million tied to Salame.

Prosecuted Telegram CEO Durov Challenges Personal Liability for Platform Misuse!

The prosecuted Telegram CEO Pavel Durov argues that holding CEOs personally liable for platform misuse is an outdated practice that threatens innovation. Following his Paris arrest, Durov emphasized that platforms like Telegram must adapt to rapid growth, but outdated liability standards should not stifle progress. His case highlights the ongoing debate about balancing innovation, privacy, and regulation in the tech world.

U.S. Regulator CFTC Lost Court Case Against Kalshi Legal Battle Over Election Bets!

KalshiEx is a U.S.-based prediction market platform that sought to offer trading in derivatives contracts based on the outcomes of Congressional elections, which the CFTC prohibited. KalshiEx challenged the regulator's decision in court and won, opening the door for election-based derivatives markets in the U.S. However, the CFTC is seeking a temporary stay.

Germany: Accomplices in Fraudulent Cyber Trading Platforms Charged by Karlsruhe Prosecutor!

The Baden-Württemberg Cybercrime Center in Germany has announced that it charged three suspects linked to an international fraud scheme that cost over 820 victims more than €5 million. The case marks a significant step in combating organized cyber trading fraud but underscores the growing complexity of such operations that often rely on an international division of labor.

Influencers

Influencers and Financial Crimes: A Short Guideline and a Request for Whistleblower Information!

Recently, the influencer industry has come under increased scrutiny from regulatory bodies worldwide. The case of Turkish influencers Dilan Polat and Engin Polat, facing $30 million money laundering charges and allegations of operating an illegal betting ring, perfectly demonstrates the potential legal risks in this sector. This high-profile case has prompted authorities to investigate hundreds of other influencers for potential financial crimes.