Beginning on August 25, countries in Latin America and the Middle East will no longer be able to use Binance’s cryptocurrency debit cards. Although Binance hasn’t provided a specific explanation for its choice, it may have been influenced by the project’s lack of regional enthusiasm. Less than 1% of Binance’s users would be impacted by this move, the company stated in a statement published on X, indicating that the cards were not widely used in these locations.
Since the beginning of this week, complaints regarding Binance’s crypto debit cards failing to function properly have started to surface on X. In response to one of these complaints, Binance disclosed 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.
The crypto debit cards that Binance offers allow their owners to make regular payments for goods and services using a limited selection of cryptocurrencies. According to the firm website, holders can opt to buy crypto with various fiat currencies by entering the amount of fiat they wish to convert and swiping their cards to make purchases.
The exchange initially disclosed these cryptocurrency-supported payment cards in April 2020. In European countries, where they were introduced around July 2020, the cards are still functional.