Binance's Debit Card Services to Exit Latin America and Middle East Markets

Police & Regulations
Aug 24, 2023 at 04:46 pm

Binance, the renowned cryptocurrency exchange, has recently made public its intention to discontinue its crypto-backed debit card offering in the Middle East by August 25th, and similarly, in Latin America by September 21st.

The company conveyed this decision via a social media announcement, albeit without disclosing the underlying rationale behind this move. According to Binance, this transition is expected to affect a minor fraction, less than 1%, of its user base in these particular geographical zones.

Binance's dedicated customer support team relayed this development on X, the platform formerly known as Twitter, during the course of Thursday. The crypto-backed debit card, allowing users to seamlessly leverage their cryptocurrency assets for transactions, both in brick-and-mortar establishments and across online platforms, much like the conventional debit cards provided by traditional banks, has been accessible in Latin America for a relatively brief period of time. It was initially introduced in Argentina, the second-largest country in the region, back in August of the preceding year, and subsequently in Brazil, the largest nation, in January.

This strategic choice comes in the wake of Binance's recent discontinuation of its cryptocurrency payments service, Binance Connect, which once facilitated merchants in embracing cryptocurrency payments. This decision was clarified by Binance earlier in the current month, emphasizing the company's desire to realign its focus on its core products.

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