Binance will suspend its crypto debit card services in Latin America and the Middle East from Aug. 25.
The crypto debit card worked like other debit cards, allowing users to pay for day-to-day goods and services. The only difference is that these cards were funded by cryptocurrency assets.
The crypto debit card services in Latin America and the Middle East will be terminated by Sept. 21, but the exchange claimed refunds and disputes can still be processed until Dec. 20, 2023.
The issue first came to light when an X user enquired about issues with crypto debit cards in Colombia. Binance responded to the query with an announcement suggesting that debit card services will be suspended starting Aug. 25 without clarifying what led to the decision.
Binance first announced its plan for crypto-backed debit cards in April 2020 as it aimed to enter the global payment market. By July 2020, the crypto debit cards were being shipped to European countries and several others worldwide. The crypto exchange later partnered with payment processor Swipe, with intentions to offer crypto debit cards in the United States.
