Binance Discontinues Crypto-Backed Debit Card in Latin America and the Middle East
Binance, a popular cryptocurrency exchange, has announced that it will be terminating its crypto-backed debit card service in Latin America and the Middle East on September 21. The decision was shared by Binance’s customer support team on X, formerly Twitter. Although no specific reason was given for this action, Binance stated that less than 1% of its users in these regions would be affected. The Binance Card was introduced less than a year ago in Latin America, starting with Argentina in August and Brazil in January. This card allowed users to utilize their crypto assets for transactions, similar to a traditional debit card.
Key Points:
- Binance is discontinuing its crypto-backed debit card service in Latin America and the Middle East.
- Less than 1% of Binance’s users in these regions will be impacted.
- The Binance Card was rolled out in Latin America last August and in Brazil in January.
- Users could use their crypto assets for transactions with the Binance Card, similar to a traditional debit card.
- The discontinuation will take effect on September 21.
This decision follows Binance’s recent closure of its crypto payments service, Binance Connect, which allowed merchants to accept cryptocurrency payments. Binance explained that this shift in focus was aimed at prioritizing its core products. At the time of publication, Binance had not provided further details regarding the termination of the crypto-backed debit card service in Latin America and the Middle East.
Hot Take:
Binance’s decision to discontinue its crypto-backed debit card service in Latin America and the Middle East appears to be driven by a low adoption rate in these regions. While this move may disappoint some users, Binance’s decision to refocus on its core products could lead to better offerings and improvements in the future.
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