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- Binance suspends its crypto bank card services in Latin America and the Middle East from August 25.
- The services allowed users to make daily payments with their crypto assets.
- The crypto exchange has assured that refunds and disputes will be resolved by December 20, 2023.
Binance, a leading cryptocurrency exchange, is set to suspend its crypto bank card services in Latin America and the Middle East from August 25. These services enabled users to make daily payments using their crypto assets. However, the exchange has assured users that all refunds and disputes will be resolved by December 20, 2023.
Binance’s Crypto Card Services
Binance first announced its plan to launch crypto-backed bank cards in April 2020, as part of its strategy to penetrate the global payments market. By July 2020, these crypto bank cards were being shipped to European countries and several other countries worldwide. The crypto exchange later partnered with payment processor Swipe to offer crypto bank cards in the United States.
Suspension of Services
The suspension of crypto bank card services was first brought to light when a user inquired about issues with the cards in Colombia. Binance responded with an announcement stating that the services would be suspended from August 25, without providing clarity on the issues that led to this decision.
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Outcome of Disputes
The crypto bank card services in Latin America and the Middle East will end on September 21, but the exchange has claimed that refunds and disputes will be resolved by December 20, 2023. Binance has stated that only 1% of its users will be affected by this decision. However, it was found that some tweets related to the crypto bank card announcement and responses on the platform by the Binance CEO were deleted.
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Conclusion
From August 25, Binance will suspend its crypto bank card services in Latin America and the Middle East. These cards provided users with the ability to make daily payments using their crypto assets. Binance first announced this service in 2020 and it was subsequently used worldwide. However, following a dispute that began with a user’s issue in Colombia, Binance decided to suspend these services. The services will end on September 21, but refunds and disputes will be resolved by December 20, 2023.
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