The crypto debit cards that Binance issues allows its holders to pay for day-to-day utilities and purchases via a select number of cryptocurrencies.
Binance first started issuing these crypto cards in 2020
Binance’s crypto debit cards will be suspended in Latin America as well as Middle East nations starting August 25. While Binance has not given a concrete reason behind its decision, it could be motivated by the lack of hype for the project in the regions. In a statement posted on X, Binance said less than one percent of its users would be affected by this decision, indicating that the cards did not see widespread adoption in these regions.
Complaints about Binance’s crypto debit cards not working properly had started to emerge on X since the beginning of this week. Binance replied to one such complaint revealing the development.
“Only a tiny portion of our users (less than one percent of users in the markets mentioned) are impacted by this. Users of this product will have until September 21, 2023, when the card will no longer be available for use,” Binance customer support mentioned in the tweet.
Hello there,
The Binance Card will no longer be available to users in Latin America and the Middle East. The product, like most debit cards, has been utilized by Binance’s users to pay for basic daily expenses but in this case, the cards are funded with crypto assets. Only a tiny…— Binance Customer Support (@BinanceHelpDesk) August 23, 2023
The crypto debit cards that Binance issues, allows its holders to pay for day-to-day utilities and purchases via a select number of cryptocurrencies. Holders can choose to buy crypto with different fiat currencies by entering the fiat amount they choose to convert and swipe the cards for purchases, the company website explains.
These crypto-supported payment cards were first announced by the exchange in April 2020. The cards still function in European nations, where they were launched around July 2020.
Binance, which is facing an SEC probe in the US over its business practices, has been realigning a lot of its operations amid shaky market conditions.
This month, the company reportedly shut down its fiat-to-crypto platform Binance Connect, a service that used to let its users process fiat-to-crypto payments.
At the time, the exchange had said that it wants to keep its focus on projects that promise long term returns.
In order to bring in more funds into the company, Binance has also been marking its entry into lucrative markets like Japan and El Salvador.
Source:gadget360.com