According to Cointelegraph, Binance, a cryptocurrency exchange, will discontinue its crypto debit card services in Latin America and the Middle East from August 25, 2023.
The crypto debit card is believed to have worked like other debit cards, enabling users to pay for day-to-day goods and services. It is expected that the only difference is that these cards were funded by cryptocurrency assets, Cointelegraph added.
Sources revealed that Binance first announced crypto-backed debit cards in April 2020. By July 2020, the crypto debit cards are expected to be shipped to European countries and several others globally. Supposedly, the crypto exchange collaborated with Swipe, a payment processor, later on, Cointelegraph highlighted.
Binance was asked about the reasons behind suspending its crypto debit cards in Latin America and the Middle East, but the exchange is expected to not have responded. Furthermore, it is believed “only a tiny portion of our users (less than 1% of users in the markets mentioned) are impacted by this,” Binance told Cointelegraph.
(With insights from Cointelegraph)
