08-24-2023 icon

Binance to Withdraw Debit Card in Latin America, Middle East

By Lucy Adegbe
Binance debit card

Cryptocurrency exchange Binance announced on August 24 that it will be withdrawing its debit card services in Latin America and the Middle East. The card, which allows users to spend their cryptocurrency holdings at merchants around the world, will be discontinued on September 21, 2023.

Binance did not provide a reason for the decision, but it is likely related to regulatory challenges in the region. In recent months, several countries in Latin America and the Middle East have cracked down on cryptocurrency exchanges, making it difficult for them to operate.

The withdrawal of the Binance debit card is a setback to cryptocurrency adoption in the region. However, it is not the first time that Binance has faced regulatory challenges. In May 2022, the exchange was banned in the United Kingdom, and it has also been restricted in several other countries.

Despite the challenges, Binance remains the world’s largest cryptocurrency exchange by trading volume. The company has said that it is committed to expanding its operations in Latin America and the Middle East, and it is possible that it will find ways to offer its debit card services in the region in the future.

In the meantime, users in Latin America and the Middle East who have Binance debit cards will need to find other ways to spend their cryptocurrency. They can withdraw their funds to a bank account or use a peer-to-peer exchange.