Binance, a popular place for trading cryptocurrencies, recently said it’s stopping its crypto debit card services in Latin America and the Middle East starting from August 25th.
These debit cards worked like normal ones, but they used cryptocurrencies to pay for things.
Binance didn’t explain why they’re stopping this, but they told people that their money and digital wallets are safe.
This might be disappointing for people who like crypto in these regions, but it could be temporary.
Someone on X (previously known as Twitter) talked about problems with crypto debit cards in Colombia. Binance replied and said that they’re stopping debit card services from August 25, but they didn’t explain why they’re doing it.
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
In April 2020, Binance talked about making debit cards that use cryptocurrencies. They wanted to be part of the global payment world. In July 2020, these debit cards were sent to many countries, including Europe. Binance then worked with Swipe, a payment company, to bring these crypto debit cards to the United States.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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