Binance Suspends Crypto Debit Cards in Latin America, Middle East

Binance will suspend its crypto debit card services in Latin America and the Middle East beginning on August 25.

The crypto debit card functioned similarly to other debit cards, allowing users to purchase everyday products and services.

The only distinction is that these cards were purchased with cryptocurrency.

The crypto debit card services in Latin America and the Middle East will be discontinued on September 21, but the exchange will continue to process refunds and disputes until December 20, 2023.

Binance crypto debit card interface. Source: X

When a user of X (formerly Twitter) inquired about problems with crypto debit cards in Colombia, the issue first came to light.

Binance responded to the inquiry with a statement indicating that debit card services will be suspended beginning August 25 without elaborating on the reasoning behind the decision.

In April 2020, Binance announced its intention to enter the global payment market by issuing crypto-backed debit cards.

By July 2020, the crypto debit cards were being shipped to Europe and several other countries around the world.

Later, the cryptocurrency exchange partnered with payment processor Swipe to offer crypto debit cards in the United States.

While Binance claimed that only 1% of these users would be affected, some of Binance CEO Changpeng Zhao’s X posts about the announcement and responses to it were removed.