WEB3
by BSC News
August 24, 2023
The decision came in response to a user's concerns raised on the platform X regarding crypto debit card issues in Colombia. Binance swiftly announced the suspension of these services from August 25th, with a complete termination planned by September 21st.
Cryptocurrency exchange Binance is set to discontinue its cryptocurrency debit card services in Latin America and the Middle East.
These debit cards, which functioned just like regular ones but allowed users to make purchases using cryptocurrencies, will see their services fade out by September 21st. The opportunity for refunds and dispute resolutions will remain open until December 20, 2023, marking a change in Binance's payment solutions in these regions.
The trigger for this decision came from a user on platform X who raised issues about crypto debit cards in Colombia. Binance responded by announcing the suspension of debit card services starting from August 25th.
However, the exact reasons behind this choice remain undisclosed. Binance had initially introduced the concept of cryptocurrency-backed debit cards in April 2020, aiming to tap into the expansive global payment market. By July 2020, these crypto debit cards had already gained traction across Europe and other international locations.
Binance had also partnered with payment processor Swipe, aiming to extend the reach of crypto debit cards to the United States. Despite inquiries, Binance chose to keep the underlying motives behind discontinuing its crypto debit cards in Latin America and the Middle East under wraps.
Interestingly, Binance revealed that less than 1% of its users in these regions would be impacted by the change. The cryptocurrency exchange introduced the card in Latin America less than a year ago. The service began in Argentina, the region's second-largest country, in August 2022 and in Brazil, the region's largest, last January.
The move follows Binance's closure of its cryptocurrency payments service, Binance Connect, which facilitated cryptocurrency payments for merchants. The exchange explained that this decision was aimed at redirecting focus to its core products.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article
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