Binance shuts down crypto cards in Latin America, Middle East

Binance, the leading crypto exchange, has stopped support for crypto debit cards in both the Latin American and Middle Eastern regions. The cessation of this service is scheduled to take effect on September 21. Nevertheless, users will still be able to withdraw their funds and address any disputes until December 20 of this year. The issue of new cards will cease from August 25.

Binance shuts down crypto cards in Latin America, Middle East

The issue first came to light when a Binance user based in Colombia reached out to customer support regarding card issuance complications. In response, the user was informed about the complete suspension of the service in South America. No official statement was published on the exchange’s website to address this change.

Mastercard’s Raj Dhamodharan suggested that the decision to halt crypto card operations might be linked to regulatory pressures. However, concrete confirmation from either Binance or relevant regulatory bodies is still pending.

In 2020, Binance introduced its first crypto bank cards. This service did not amass considerable popularity in these geographical areas. Consequently, discontinuing this service is projected to impact fewer than 1% of the exchange’s user base, as stated by its representatives.

Preceding this, the US Department of Justice instigated an investigation into the exchange regarding potential breaches of sanctions imposed on Russia. It is suggested that Binance might continue to collaborate with Russian banks subject to US sanctions.

Earlier, Binance launched a new platform in Japan. It presents an extensive array of trading opportunities, encompassing an impressive selection of 34 different tokens.

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