- Binance explained that only a tiny portion of its users will be affected.
- Binance accounts around the world will not be affected.
Binance, the world’s largest crypto exchange, has revealed that it will suspend crypto credit card services in Latin America and the Middle East starting August 25. However, the crypto exchange claimed that refunds and disputes could still be processed until December 2023.
Hello there,
— Binance Customer Support (@BinanceHelpDesk) August 23, 2023
The Binance Card will no longer be available to users in Latin America and the Middle East. The product, like most debit cards, has been utilized by Binance’s users to pay for basic daily expenses but in this case, the cards are funded with crypto assets. Only a tiny…
On August 24, Binance Customer Support replied to a crypto investor’s tweet, saying that the Binance card will no longer be available for users in Latin America and the Middle East. However, Binance didn’t state the reason behind the sudden suspension.
The crypto debit card will work like other debit cards. It allows users to pay for day-to-day goods and services. The difference between them is that they use crypto assets. Users can convert their digital assets into fiat currency at the point of sale, enabling them to make purchases in their local currency.
Binance will Terminate the Crypto Debit Card
The crypto exchange also mentioned that the crypto debit card service will be terminated in Latin America and the Middle East by September 11. After that, the card will no longer be usable. The sudden suspension from the crypto exchange sent a shockwave through the crypto community.
However, Binance explained that only a tiny portion of the users will be affected by the sudden suspension of the crypto debit card. There are less than 1% of users in the market will be impacted by this. However, Binance accounts around the world will not be affected.
According to the tweet, users can also use Binance Pay, a contactless, borderless, and secure cryptocurrency payment system, to shop and send cryptocurrencies. However, the crypto exchange has not yet revealed the reason behind the suspension.
