Binance to Halt Crypto Debit Card Services in Latin America and the Middle East
Prominent cryptocurrency exchange Binance has announced that it will be discontinuing its crypto debit card services in Latin America and the Middle East from September 21, 2023. This decision comes in response to a customer inquiry about using the Binance card in Colombia.
Key Points:
– Binance’s crypto card, introduced in April 2020, allows users to make daily transactions using cryptocurrency.
– The exchange claims that its crypto card service is active in 35 countries and accepted by over 90 million merchants.
– Less than 1% of Binance’s customers in South America and the Middle East use the crypto debit card, according to the exchange.
– Binance has not provided a specific reason for discontinuing the service but has assured that user accounts will continue to function normally.
– Binance suggests affected users to switch to its payment platform, Binance Pay.
This move follows other recent changes by Binance, including the shutdown of the Binance Connect service and the partnership with MoonPay to resolve payment issues in the United States. Additionally, Binance has announced the termination of the zero-fee Bitcoin trading initiative for the BTC/TUSD trading pair, introducing taker fees based on the user’s VIP tier level starting September 7.
In conclusion, Binance’s decision to halt crypto debit card services in Latin America and the Middle East may have minimal impact, as fewer than 1% of its customers use this service. The exchange continues to make strategic changes to focus on its primary operations and improve its payment platforms.
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