Binance Pulls Plug On Crypto-Backed Debit Card In Latin America And Middle East

Binance will be discontinuing its crypto-backed debit card for users in Latin America and the Middle East.

This card, similar to traditional debit cards, allowed Binance's users to cover everyday expenses.

However, it was unique in that it was funded with cryptocurrency assets.

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The discontinuation will affect a small fraction of Binance's user base in the mentioned regions, impacting less than 1% of its users, the company stated.

Those who have been using this product will have until Sep. 21, after which the card will cease to be operational.

It's important to note that this decision will not impact Binance accounts globally. For users in regions where it's available, Binance has highlighted the option to use Binance Pay.

This is a contactless, borderless, and secure cryptocurrency payment solution developed by the company, allowing users to shop with crypto and transfer it seamlessly.

This decision comes on the heels of Binance's recent move to shut down its crypto payments service, Binance Connect. This service enabled merchants to accept cryptocurrency payments.

Earlier this month, Binance stated that these changes are part of its strategy to concentrate on its core products.

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