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Binance to suspend cryptocurrency debit card services in Latin America and the Middle East.
Cryptocurrency exchange Binance will halt its crypto debit card services in Latin America and the Middle East starting Aug. 25.
The crypto debit card functioned similarly to traditional debit cards, enabling users to make purchases for everyday items and services. The distinction was that these cards were funded by cryptocurrency holdings.
The termination of crypto debit card services in Latin America and the Middle East will occur by Sept. 21, although the exchange stated that refunds and disputes can still be addressed until Dec. 20, 2023.
Binance crypto debit card interface. Source: X
The matter was initially raised when a user on X (formerly Twitter) inquired about problems with crypto debit cards in Colombia. Binance replied to the inquiry with an announcement indicating that debit card services would be suspended starting Aug. 25, without providing details on the rationale behind the decision.
Hello there,
The Binance Card will no longer be available to users in Latin America and the Middle East. The product, like most debit cards, has been utilized by Binance’s users to pay for basic daily expenses but in this case, the cards are funded with crypto assets. Only a tiny…— Binance Customer Support (@BinanceHelpDesk) August 23, 2023
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Binance initially revealed its intention to introduce crypto-backed debit cards in April 2020 as part of its strategy to penetrate the global payment sector. By July 2020, the crypto debit cards were being distributed to European nations and various other locations worldwide. The crypto exchange subsequently collaborated with payment processor Swipe, aiming to provide crypto debit cards in the United States.
Related: PayPal UK to halt Bitcoin purchases until early 2024
Cointelegraph contacted Binance regarding the potential reasons for the suspension of its crypto debit cards in Latin America and the Middle East, but the exchange did not disclose this information. However, Binance informed Cointelegraph that “only a tiny portion of our users (less than 1% of users in the markets mentioned) are impacted by this.”
While Binance asserted that only 1% of users would be affected by the decision, several of Binance CEO Changpeng Zhao’s posts on X regarding the announcement and its responses were removed.
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