Leading cryptocurrency exchange Binance has decided to cease crypto-backed debit card services in Latin America and the Middle East.
Binance Suspends Crypto Debit Card Services in Latin America and Middle East
The stock market announced this move with a share it made from its customer support account on X today. The suspension of services will take effect on September 21, 2023.
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
While no specific reason was given for the withdrawal of crypto-backed debit card services, Binance stated that the impact on the user base in the affected regions will be minimal, affecting less than 1% of its users.
The crypto-backed debit card offered by Binance allowed users to use crypto assets to transact both in physical stores and online, similar to traditional debit card services provided by banks.
This integration of cryptocurrency into day-to-day transactions was meant to bridge the gap between traditional finance and the emerging world of digital assets.
Despite the discontinuation of this service, Binance's core exchange platform and other core offerings remain operational and unaffected.
The exchange's commitment to providing users with a smooth and secure trading experience remains unchanged.
*Not investment advice.
