The world’s largest crypto exchange is terminating its crypto card services in Latin America and the Middle East.
In January, crypto titan Binance and payments giant Mastercard teamed up to launch Binance Card, which enabled users to fund their purchases and bill payments using their crypto assets.
In a statement issued on Tuesday, the exchange says Binance cards issued in Latin America will no longer be accepted after September 21st, while cards issued in the Middle East will no longer be supported after August 25th.
“Although many Binance users in these regions have used the Binance Card to make daily expense payments with their cryptocurrencies, this change affects less than 1% of our users in Latin American and Middle Eastern countries where the product is no longer offered.”
Card-related returns and complaints can still be processed until December 20th, but funds for purchases returned after the termination of the card services will be deposited to the user’s Binance account.
The decision to discontinue the Mastercard-backed crypto card in Latin America and the Middle East comes as Binance faces mounting regulatory issues. In June, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit accusing the exchange and its CEO, Changpeng Zhao, of violating investor protection laws and selling unregistered “crypto asset securities.”
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