Binance to Stop Crypto Debit Cards in Middle East and Latin America

The top crypto exchange Binance has decided to halt the services related to crypto debit cards. The platform will stop the respective services in the Middle East and Latin American regions from the 25th of August. The crypto debit card operates like the rest of the debit cards. They permitted the consumers to recompense for regular services and goods.

Binance Declares Halting Crypto Debit Card Service in Middle Eastern and Latin American Region

The only difference between them is that the funding of the respective cards is done with crypto assets. The termination of the respective services in the Middle East and Latin America will take place on December 20. This issue was initially highlighted when an X consumer asked about the problems with the crypto debit cards concerning Colombia.

Also Read: Nigeria’s SEC Warns Nigerians Against Trading on Binance

Binance answered to the question with a declaration that the platform will terminate the services starting on August 25. The company did not clarify the reason behind the respective decision. The well-known crypto exchange initially declared its strategy for crypto-supported debit cards back in 2020’s April. The respective crypto debit cards went to European countries along with some other nations around the world.

Later on, the crypto exchange collaborated with the payment processing platform named Swipe. The partnership focused on providing crypto debit cards in the jurisdiction of the United States. As per Binance, less than just one percent of the respective customers would be influenced by the decision.

Zhao Deletes the Posts Concerning the Declaration and Responses

A few of the posts that Changpeng Zhao (the chief executive officer of Binance) were regarding the declaration. He had also made some posts concerning the responses to the announcement. Nevertheless, the next action that the Binance CEO took was unexpected. As a result, he deleted the respective posts.