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 announced. “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 its users in the affected
regions that they could still use Binance Pay, a platform that allows users to
send and receive cryptocurrencies via their mobile devices. Most recently,
Binance Pay expanded
its horizons to the Brazilian market, enabling customers to conduct transactions using
more than 70 cryptocurrencies.
Navigating Change in
Crypto Services
The discontinuation of the Binance Card echoes another recent decision by the exchange to shut down its
cryptocurrency buy-and-sell service, Binance Connect. According to the company,
this step is aimed at realigning Binance’s focus on its core products and
services. Formerly known as Bifinity, Binance Connect was disabled on August
16, one year after its launch, according to Coindesk.
About two days ago,
reports emerged that Binance had temporarily
halted euro deposits and withdrawals. The turmoil surrounding the exchange’s European
operations came to light with a tweet by Binance’s customer support’s official
Twitter account. Yet, Binance’s spokesperson maintains that business operations
remain unaffected, Finance
Magnates reported.
Meanwhile, in a notable
development, Binance.US, the US-based counterpart of the global cryptocurrency
exchange, Binance recently entered into a partnership with MoonPay to
facilitate on-ramp fiat payment services on its platform. This collaboration
aims to bolster the fiat-to-crypto on-ramp services within the exchange.
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 announced. “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 its users in the affected
regions that they could still use Binance Pay, a platform that allows users to
send and receive cryptocurrencies via their mobile devices. Most recently,
Binance Pay expanded
its horizons to the Brazilian market, enabling customers to conduct transactions using
more than 70 cryptocurrencies.
Navigating Change in
Crypto Services
The discontinuation of the Binance Card echoes another recent decision by the exchange to shut down its
cryptocurrency buy-and-sell service, Binance Connect. According to the company,
this step is aimed at realigning Binance’s focus on its core products and
services. Formerly known as Bifinity, Binance Connect was disabled on August
16, one year after its launch, according to Coindesk.
About two days ago,
reports emerged that Binance had temporarily
halted euro deposits and withdrawals. The turmoil surrounding the exchange’s European
operations came to light with a tweet by Binance’s customer support’s official
Twitter account. Yet, Binance’s spokesperson maintains that business operations
remain unaffected, Finance
Magnates reported.
Meanwhile, in a notable
development, Binance.US, the US-based counterpart of the global cryptocurrency
exchange, Binance recently entered into a partnership with MoonPay to
facilitate on-ramp fiat payment services on its platform. This collaboration
aims to bolster the fiat-to-crypto on-ramp services within the exchange.