Binance, a cryptocurrency exchange, has announced that it will be suspending its crypto debit card services in Latin America and the Middle East starting from August 25th. The cards allowed users to make payments with cryptocurrency assets, and the suspension will take effect by September 21st. Refunds and disputes can still be processed until December 20th, 2023.The announcement came after an X user enquired about the issues with crypto debit cards in Colombia. Binance had previously announced its plan for crypto-backed debit cards in April 2020, and by July 2020, these cards were being shipped to European countries and other parts of the world. The exchange also partnered with payment processor Swipe to offer crypto debit cards in the United States.When Cointelegraph reached out to Binance to enquire about the possible reasons behind the suspension of its crypto debit cards in Latin America and the Middle East, the exchange did not provide any answers. Binance did, however, state that “only a tiny portion of our users (less than 1% of users in the markets mentioned) are impacted by this.”Some of the Binance CEO tweets on the crypto debit card-related announcement and responses on X were found to have been deleted. It is unclear why Binance has decided to suspend its crypto debit card services in Latin America and the Middle East, but the exchange has stated that only a small portion of its users will be affected.
| Information |
Details |
| Geography |
South America |
| Countries |
🇨🇴 🇺🇸 🇬🇧 |
| Sentiment |
neutral |
| Relevance Score |
9 |
| People |
Changpeng Zhao, Swipe, PayPal UK, Cointelegraph, Binance CEO. |
| Companies |
Binance, PayPal UK, Swipe, Cointelegraph, X |
| Currencies |
None |
| Securities |
None |
