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Binance Set To Terminate Debit Card Service In These Two Regions

Press Releases Crypto News Bitcoinist Binance Set To Terminate Debit Card Service In These Two Regions

Prominent cryptocurrency exchange Binance has announced plans to halt its crypto debit card services in Latin America and the Middle East from September 21, 2023.

This development was revealed on August 24 in response to the exchange’s customer support to a client who enquired about issues regarding using the Binance card in the Republic of Colombia.

Binance’s Crypto Card Withdrawal, Another Strategic Move?

Like regular debit cards, the Binance Card is designed to make daily purchases and transactions, albeit funded by cryptocurrency rather than traditional fiat currencies.

The Binance Card was first introduced in April 2020 to drive crypto adoption further on the global stage. The exchange claims its crypto card service is active in 35 countries, and over 90 million merchants accept it.

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

However, according to the post by the Binance Help Desk on Thursday, the exchange expressed that its latest decision would produce minor effects on its markets in South America and the Middle East, claiming that less than 1% of its customers use its crypto debit card.

For now, Binance has yet to provide a specific reason for the decision to abolish its debit card services in the specified regions. In addition, the exchange has stated that all user accounts will still function normally, nudging affecte

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Author: Semilore Faleti

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