Binance will terminate crypto debit card services in Latin America and the Middle East from August 25.
One of Binance’s services, the crypto debit card allowed users to spend on everyday products and services. The difference of this card from traditional cards was that it offered the opportunity to trade with crypto money assets. However, Binance has decided to withdraw this service from the Middle East and Latin America. Binance has not yet disclosed the reason for this situation.
Binance is withdrawing
Binance has made a new move as it struggles with regulatory bodies and legal processes. The popular exchange pulled its crypto card service from the Middle East and Latin America.
The incident appeared in a post made by an X user. As Cointelegraph reported, user X asked what happened to their Binance cards. The exchange’s support page stated to this question that debit card services would be suspended without explaining the reasoning behind the decision. Binance stated that users who benefit from this service have time until September 21, 2023.
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
Crypto debit card services in Latin America and the Middle East will be terminated by September 21. However, refunds and disputes requested on the exchange can be finalized until December 20, 2023.
This move of the stock market, which aims to grow in the global market and carries out its activities in this context, drew attention. Commenting on Cointelegraph, Binance said that 1 percent of its users will be affected.
