- Binance, a popular cryptocurrency trading platform, will temporarily suspend its cryptocurrency debit card services in Latin America and the Middle East starting August 25th.
- The decision was prompted by concerns raised by a user in Colombia about issues with the service.
- The discontinuation will be completed by September 21st, and users can request refunds and resolve disputes until December 20, 2023.
Binance, a well-known platform for trading cryptocurrencies, has announced that it will be temporarily stopping its cryptocurrency debit card services in Latin America and the Middle East starting from August 25th.
These special unique cards allowed people to use their cryptocurrency holdings for everyday purchases, similar to regular debit cards. Ending these crypto debit card services in these regions will be completed by September 21st. Users will have the option to request refunds and resolve any disputes related to the discontinuation until December 20, 2023.
The decision to make this change came about after a user on the platform raised concerns about issues with the crypto debit card service in Colombia. In response, Binance revealed that they would be suspending the debit card services starting from August 25th. However, they haven’t provided the exact reasons for this decision.
Back in April 2020, Binance introduced the concept of debit cards backed by cryptocurrencies, aiming to become a part of the global payment market. By July 2020, these crypto-debit cards were already in use across Europe and several other parts of the world.
Later on, Binance partnered with Swipe, a payment processing company, to bring crypto debit cards to the United States. Despite the questions, Binance hasn’t shared the specific causes behind discontinuing the cryptocurrency debit cards in Latin America and the Middle East.
Binance assured Cointelegraph that the impact of this decision will be minimal, affecting less than 1% of the users in these markets. While Binance emphasized that only a tiny fraction of users will be impacted, there have been cases where Binance CEO Changpeng Zhao’s posts and responses on this topic were taken down.