• Binance has revealed that it will suspend crypto credit card services in Latin America and the Middle East from August 25.
• The crypto debit card will work like other debit cards, allowing users to pay for day-to-day goods and services with their crypto assets.
• Binance explained that only a tiny portion of its users will be affected by the sudden suspension.
Binance Suspends Crypto Credit Card Services
Binance, the world’s largest crypto exchange , has revealed that it will suspend crypto credit card services in Latin America and the Middle East starting August 25. However, refunds and disputes could still be processed until December 2023.
How Will the Crypto Debit Card Work?
The crypto debit card will work like other debit cards. It allows users to pay for day-to-day goods and services but with their crypto assets instead of fiat currency. Users can convert their digital assets into fiat currency at the point of sale, enabling them to make purchases in their local currency.
When Will the Service Be Terminated?
Binance also mentioned that the crypto debit card service will be terminated in Latin America and the Middle East by September 11th. After this date,the card will no longer be usable by customers in those countries.
Who Is Affected By This Suspension?
According to Binance’s customer support team, only a tiny portion of its users worldwide (less than 1%) are affected by this suspension of service. Binance accounts around the world are not affected by this decision.
What Alternatives Are Available?
Users can use Binance Pay, a contactless, borderless, and secure cryptocurrency payment system, as an alternative way to shop or send cryptocurrencies online without using a debit card solution in these markets .