What You Need to Know:
Cryptocurrency exchange Binance has announced that it will be suspending its crypto debit card services in Latin America and the Middle East, starting from August 25th. The suspension is set to take effect on September 21st, but refunds and disputes can still be processed until December 20th, 2023.
The Details:
Binance's crypto debit card worked like any other debit card, allowing users to make day-to-day payments. The unique aspect of these cards was that they were funded by cryptocurrency assets. However, the exchange has not provided clarity on the reasons behind this suspension.
Background:
Binance first introduced its plan for crypto-backed debit cards in April 2020, with a goal of entering the global payment market. By July 2020, these cards were being shipped to European countries and other parts of the world. Binance later partnered with payment processor Swipe to offer crypto debit cards in the United States as well.
Impacted Users:
In response to questions about the suspension, Binance stated that "only a tiny portion of our users (less than 1% of users in the markets mentioned) are impacted by this." However, it is worth noting that some of the Binance CEO's tweets and responses on this topic have been deleted.
Source: [Original Article]
