Mastercard, Binance to launch prepaid crypto card in this country

• Binance has partnered with Mastercard again to launch a prepaid crypto card in Brazil
• The crypto exchange has previously launched the product in Argentina

Binance, the biggest crypto exchange by trading volume, has partnered with Mastercard to launch a prepaid card in Brazil. The launch is part of Binance’s “efforts to broaden the connection between traditional finance and crypto.” According to a statement given to Reuters, the product is currently in beta testing and the crypto exchange expects it to be launched in the region within a few weeks.

While Brazil comes under Binance’s top ten largest markets, the crypto exchange has previously launched the same product in Argentina. The prepaid card provided in the region extends payment support in Bitcoin (BTC) and Binance Coin (BNB). Additionally, the card issued by Credencial Payments could be used to make payments for over 90 million Mastercard merchants in the world.

Read Price Prediction for Binance Coin [BNB] 2023-24

Binance token listing brings insider trading allegations

Subsequently, the crypto exchange is currently facing allegations of insider trading. And, the one making the accusations is Conor Grogan – Director at Coinbase. Grogan alleged that this practice has been going on for over 18 months, claiming to have found wallets that purchased tokens before listing and then dumping after. A tweet by the Director read,

“It appears that there is a pattern of Binance front-running over 18+ months I found connected wallets that: -Bought $900k Rari seconds before and dumped minutes after listing -Bought ~78K ERN between June 17 and June 21 and sold right after listing announcement -Did same w/ TORN”

In addition, Grogan stated that there might be two possibilities behind this scenario. First, the trading is carried out by a “rogue employee” who has access to information about token listing on Binance. Second, a trader has discovered an “API or staging/test trade exchange leak”.

Coinbase – a prominent American crypto exchange – was the first crypto platform to get pulled up by regulators over insider trading. One of the accused was sentenced to 10 months in prison, while the other two are yet to have a hearing on their case.