Cryptocurrency exchange Binance has reintroduced its crypto debit card in Colombia, years after suspending operations in the country due to previous regulatory challenges.
This move marks a significant reentry for the world’s largest crypto exchange by volume, offering users a new way to spend their digital assets. The card facilitates purchases in Colombia and abroad, directly debiting payments from users’ Binance cryptocurrency balances.
The previous halt in card operations, attributed to regulatory issues, underscores the complex and evolving landscape for crypto services in Latin America. Binance aims to provide a streamlined solution for crypto holders to integrate their digital funds into everyday transactions.
Users can apply for the Binance Card through their accounts on the exchange’s official platform. Following a quick review, a digital version of the card becomes available, compatible with mobile payment systems like Apple Pay and Google Pay.
Key benefits include up to 2% cashback on all purchases, capped at $20 USD per month, which is automatically deposited into the user’s associated wallet. The card also features advanced security measures and has no annual or issuance fees.
While there are no general maintenance fees, a 0.9% fee applies to cryptocurrency conversions during transactions. However, conversions involving the stablecoin USDC are exempt from this charge.
The card supports payments using various cryptocurrencies, including USDC, USDT, FDUSD, BNB, BTC, ETH, SOL, XRP, WLD, ID, LTC, and ADA. Payments are tallied in USD and processed at the real-time exchange rate at the moment of the transaction.
Users must define their preferred cryptocurrencies for payment, allowing the card to prioritize which digital assets are used for each transaction. The card enables spending at a wide range of local merchants, including supermarkets, restaurants, and retail stores.