binance-amid-regulatory-crackdown">Binance, the largest cryptocurrency exchange, recently announced it is terminating crypto debit card services for customers in Latin America and the Middle East starting in September 2023.
According to Binance’s customer support team, the termination impacts a “tiny portion” of users, less than 1% in the affected regions. The crypto debit cards will stop working on September 21st. Binance provided no further details on why the cards were discontinued or if replacement cards would be issued in the future.
The termination comes shortly after Binance launched its crypto debit card in Argentina last year and in Brazil earlier this year. It is the latest in a series of regulatory challenges faced by Binance globally.
Binance is currently being sued by the U.S. Securities and Exchange Commission for allegedly operating an unregistered exchange. It also faces probes related to sanctions violations against Russia from the U.S. Department of Justice.
Last week, Binance halted its buy-sell service Binance Connect after just one year, citing a realignment of priorities. However, Forbes reported the shutdown occurred because Checkout.com, Binance’s credit card processor, terminated ties over compliance and money laundering concerns.
As Binance confronts growing regulatory scrutiny worldwide, the discontinuation of crypto debit cards in Latin America and the Middle East represents the exchange’s continued struggles to offer compliant products amid evolving oversight. While impacting a small user base for now, the move underscores the challenges crypto firms face in maintaining services across fragmented regulatory frameworks globally.
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