Binance has announced it will be ending support for its crypto-backed debit card for customers in Latin America and the Middle East. The exchange posted on X (fka Twitter) that the card will no longer be available for use from September 21, 2023, with Middle East users unable to use the card from August 25, 2023.
Binance noted that the move will only impact a tiny percentage (1%) of its users. It stated, “Only a tiny portion of our users (less than 1% 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 accounts around the world are not affected. Where available, users can also shop with crypto and send crypto using Binance Pay, a contactless, borderless and secure cryptocurrency payment technology designed by Binance.”
The crypto-backed debit card was launched by Binance in Argentina in August 2022 and in Brazil in January 2023, via a partnership with Mastercard. The decision to discontinue the product follows reports of adoption issues and the same time as the exchange’s shutdown of its Binance Connect platform.