Binance Card shuts down in Latin America, Middle East
Binance, the world’s largest cryptocurrency exchange, said on Thursday it will discontinue its crypto debit card for users in Latin America and the Middle East from Sept. 21.
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Fast facts
- Binance Card is funded with crypto assets and used to pay for goods like traditional debit cards. Only 1% of its customers in Latin America and the Middle East will be affected by the service halt, the exchange said in a Twitter response via its customer support account.
- “Binance accounts around the world are not affected. Where available, users can also shop with crypto and send crypto using Binance Pay, a contactless, borderless and secure cryptocurrency payment technology designed by Binance,” Binance said.
- The development comes days after the exchange announced the launch of Binance Pay, its contactless payment service, in Brazil.
- Meanwhile, Binance faces issues with payment partners. Earlier this month, London-based payment processor Checkout.com terminated its contract with Binance due to concerns over money-laundering and compliance. Binance in June said that Paysafe Payment Solutions, its euro banking partner, will stop offering its services from Sept. 25.
- Last week, Binance announced that it was shutting down its cryptocurrency payment service Binance Connect, a fiat-to-crypto payment infrastructure.
- Binance did not respond to Forkast’s request for comment.
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