Binance to Suspend Crypto Debit Card Services in Latin America and the Middle East
Summary:
Binance, a cryptocurrency exchange, will suspend its crypto debit card services in Latin America and the Middle East from August 25th. The termination of these services will occur on September 21st, with refunds and disputes being processed until December 20th, 2023. The reasons behind this decision have not been disclosed. Binance introduced these crypto-backed debit cards in 2020 but only a small percentage of users will be affected by the suspension.
Binance will halt its cryptocurrency debit card services in Latin America and the Middle East from August 25th. These debit cards, which are funded by cryptocurrency assets, allow users to make everyday purchases. The termination of these services is set for September 21st, with refunds and disputes continuing until December 20th, 2023. Binance made this announcement in response to a user inquiry about issues with the cards in Colombia. The exchange did not provide specific details regarding the reasons behind the decision. Binance first introduced its crypto-backed debit cards in April 2020, aiming to enter the global payment market. The cards were initially shipped to European countries and later offered in the United States through a partnership with payment processor Swipe. When questioned about the suspension of debit card services in Latin America and the Middle East, Binance stated that only a small portion of users (less than 1% in the affected markets) would be affected. Some of the CEO's tweets and responses on the topic have since been deleted.
Published At
8/24/2023 8:27:17 AM
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