Binance shutters crypto card services in Latin America, Middle East Binance shutters crypto card services in Latin America, Middle East
Binance clarified that the service suspension would affect less than 1% of its users in the markets.
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Updated: Aug. 24, 2023 at 11:41 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Binance Card, a crypto debit card powered by the exchange, will no longer be available in Latin America and the Middle East from Sept. 21, according to an Aug. 24 statement.
The Binance Card is similar to a conventional debit card, allowing users to utilize their digital assets for everyday transactions. However, the significant difference is that the crypto debit cards are funded with digital assets. According to Binance’s website, the card enjoys acceptance at a vast network of over 60 million merchants globally.
Meanwhile, the exchange clarified that the service suspension would only affect a minute portion of its users within the mentioned markets. However, other Binance accounts around the world remain unaffected.
As of press time, Binance did not respond to CryptoSlate’s request for additional comment.
Binance Pay expands to Brazil.
Binance suspension of its card services in Latin America is coming on the heels of the launch of its Binance Pay services in Brazil.
Binance Pay is a free, contactless, borderless, and secure cryptocurrency payment option supporting over 70 cryptocurrencies, allowing users to safely transfer funds between wallets in seconds.
Binance said the services have reached over 12 million active users, with over $98 billion processed in pay volumes.
Guilherme Nazar, general manager for Binance in Brazil, expects the service “to be especially relevant for businesses in Brazil, as the country registers one of the highest crypto adoption increase rates.”
Regulatory woes
Amid all these developments in Latin America, Binance faces heightened regulatory scrutiny on the other side of the Atlantic.
Last week, London-based credit card payment processor Checkout.com cut ties with the exchange, citing its alleged issues with anti-money laundering, sanctions, and compliance controls.
While Binance said it was considering its options for legal action, the issue with the payment processor indicated its struggles with regulators in the United States and other regions.
Before then, Binance had shut down its crypto payment service, Bifinity, and disabled its Binance Connect service. At the time, the exchange blamed its decision on the service provider ending support for card payments.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.