Binance’s crypto debit card will be suspended in Latin American and Middle Eastern countries starting August 25. While Binance did not give a specific reason behind its decision, its motivation may have been the lack of publicity for the project in these regions. In a statement posted on X, Binance said less than 1% of its users would be affected by the decision, suggesting that the cards are not widely adopted in these regions.
Since the beginning of the week, complaints about the Binance crypto debit card not working have started appearing on X. Binance’s response to one such complaint sheds light on the developments.
“Only a small fraction of our users (less than one percent of users in the markets mentioned) are affected by this. Users of the product will have until September 21, 2023 to use the card, at which time the card will be No longer available,” Binance customer support said in a tweet.
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Users in Latin America and the Middle East will no longer be able to use Binance Card. Like most debit cards, the product has been used by Binance users to cover basic day-to-day expenses, but in this case the cards are funded with crypto assets. Only a tiny…— Binance Customer Support (@BinanceHelpDesk) August 23, 2023
The crypto debit card issued by Binance allows its holders to pay for daily utilities and shopping with a selected amount of cryptocurrencies.Holders can choose to buy cryptocurrencies with different fiat currencies by entering the fiat amount they choose to convert and swiping their card to buy, the company said. website explanation.
These cryptocurrency-enabled payment cards were first announced by the exchange in April 2020. The cards are still available in European countries where they were launched around July 2020.
Binance, which is facing an investigation by the U.S. Securities and Exchange Commission into its business practices, has been adjusting a lot of its operations amid volatile market conditions.
This month, the company reportedly shut down its fiat-to-crypto platform, Binance Connect, which let users process fiat-to-crypto payments.
At the time, the exchange had said it wanted to focus on projects that promised long-term returns.
To bring more capital to the company, Binance has also begun expanding into lucrative markets such as Japan and El Salvador.
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