The embattled cryptocurrency exchange Binance is discontinuing its crypto-backed debit card services
in Latin America and the Middle East. While the exchange did not explicitly
state the reasons for this move, it can be tied to the growing challenges the company is facing globally.
According to a statement
posted by its customer support team on X (formerly Twitter), Binance said the
decision has a relatively minor impact, affecting less than 1% of its user base
within the affected regions. The company clarified that this step will not
affect users’ ability to access their accounts or engage in other crypto-related
activities.
“The Binance Card
will no longer be available to users in Latin America and the Middle
East,” the company indicated. “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. Users of this product have
until September 21, 2023, when the card will no longer be available for use.
Binance’s accounts around the world are not affected.”
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
Although the crypto-backed
debit card is on its way out, Binance highlighted to users in the affected
regions that they could still use Binance Pay, a platform that allows users to
send and receive cryptocurrencies
