Binance to halt crypto debit card in Latin America, Middle East


Cryptocurrency trade Binance will droop its crypto debit card providers in Latin America and the Middle East from Aug. 25.

The crypto debit card labored like different debit playing cards, permitting customers to pay for day-to-day items and providers. The solely distinction is that these playing cards had been funded by cryptocurrency belongings.

The crypto debit card providers in Latin America and the Middle East will probably be terminated by Sept. 21, however the trade claimed refunds and disputes can nonetheless be processed till Dec. 20, 2023.

Binance crypto debit card interface. Source: X

The problem first got here to mild when an X (previously Twitter) person enquired about points with crypto debit playing cards in Colombia. Binance responded to the question with an announcement suggesting that debit card providers will probably be suspended beginning Aug. 25 with out clarifying what led to the choice.

Binance first announced its plan for crypto-backed debit playing cards in April 2020 because it aimed to enter the worldwide cost market. By July 2020, the crypto debit cards were being shipped to European nations and several other others worldwide. The crypto trade later partnered with cost processor Swipe, with intentions to supply crypto debit cards in the United States.

Related: PayPal UK to halt Bitcoin purchases until early 2024

Cointelegraph reached out to Binance in regards to the doable causes behind suspending its crypto debit playing cards in Latin America and the Middle East, however the trade didn’t present this data. However, Binance advised Cointelegraph that “only a tiny portion of our users (less than 1% of users in the markets mentioned) are impacted by this.”

While Binance claimed only one% of such customers can be impacted by the choice, a few of Binance CEO Changpeng Zhao’s X posts in regards to the announcement and responses to it had been deleted.

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