Binance announced the suspension of its crypto debit card services in Latin America and the Middle East starting Aug. 25.
Crypto debit cards allow users to make purchases using their crypto. Binance Card enabled its users to cover daily expenses using crypto assets.
The news was known first when a Colombian user sent a query about using the card to Binance via X. Binance Customer Support replied that the service would be suspended starting Aug. 25.
Crypto.news reached out to Binance to understand the reasons behind the decision. The company explained that the change affects less than 1% of users in the specified regions.
Affected users can utilize the card until Sept. 21, 2023, but Binance accounts globally remain unaffected. The firm also highlighted Binance Pay, their contactless and secure cryptocurrency payment solution, as an alternative for users.
Binance launched its crypto-backed debit cards in April 2020. The main aim of the cards was to connect users and businesses worldwide.
The company hasn’t clarified why it decided to terminate its crypto card services in Latin America and the Middle East.