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Binance Withdraws Debit Card Services from Latin America and Middle East
- The announcement came through a social media post, without offering an explanation for the decision.
- Binance reassured that fewer than 1% of its users in the respective regions would experience any impact.
On Thursday, Binance's customer support team announced on X (previously known as Twitter) that the crypto-backed debit card service will no longer be available in Latin America and the Middle East.
The cryptocurrency exchange has informed CoinCryptoUs via email that it will be discontinuing its card services in the Middle East on August 25 and in Latin America on September 21. While the exchange did not disclose the rationale behind this decision, it did mention that the impact would be minimal, affecting less than 1% of its users in these regions.
The debit card enables individuals to utilize their cryptocurrency holdings for in-store or online transactions, similar to how they would use a conventional bank-issued debit card. This card has been accessible in the Latin American region for under a year: It was initially introduced in Argentina, the second-largest country in the region, in August of last year, and subsequently launched in Brazil, the largest country, in January.
The decision comes shortly after Binance discontinued its cryptocurrency payment service, Binance Connect, which enabled merchants to receive payments in digital currencies. This move was initiated by Binance to realign its focus on its core products, as stated by the exchange earlier this month.
