The End of Binance Card Services in Latin America and the Middle East
The world’s largest crypto exchange, Binance, has announced that it will be terminating its crypto card services in Latin America and the Middle East. This decision comes after a partnership with payments giant Mastercard to launch the Binance Card, allowing users to use their crypto assets for purchases and bill payments.
Here are the key points regarding this announcement:
– 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.
– The termination of the card services will affect less than 1% of Binance users in these regions.
– Card-related returns and complaints can still be processed until December 20th, but funds for purchases returned after the termination will be deposited into the user’s Binance account.
– This decision comes amidst mounting regulatory issues faced by Binance, including a lawsuit from the U.S. Securities and Exchange Commission (SEC) accusing the exchange and its CEO of violating investor protection laws.
In conclusion, Binance is discontinuing its Mastercard-backed crypto card services in Latin America and the Middle East due to regulatory challenges. This move affects a small percentage of users in these regions and marks another hurdle for Binance in the face of increased scrutiny.
By
By
By
By
By
By