Binance has been big for the past few months fell into disrepute. First, it became clear that Binance’s proof-of-reserves were completely false, and not much later, the US Securities and Exchange Commission laid the nail on Binance’s shin with a serious lawsuit. The world’s largest crypto exchange still doesn’t seem to be out of the woods and has decided to stop using its debit card in several countries.
Crypto exchange Binance is ending the use of debit cards in more countries
This is what Binance customer support writes on the social media platform X (formerly Twitter). “Binance Card will no longer be available for users in Latin America and the Middle East. This only affects a small portion (less than 1%) of our users in the said markets,” the statement said.
Users also have until September 21, 2023 to use the pass. From this date, this service is no longer available. In any case, for the time being, the service will remain available in certain other countries where the pass will presumably be used enough to be interesting enough for Binance to continue offering it.
Hello,
The Binance Card will no longer be available for users in Latin America and the Middle East. The product, like most debit cards, has been used by Binance users to pay for basic daily expenses, but in this case the cards are funded with crypto assets. Just a tiny…— Binance Customer Support (@BinanceHelpDesk) August 23, 2023
Binance has been offering such debit cards for a number of years. For example, in 2022 there was such a passport for Argentina, a country notorious for massive inflation. Despite the global bear market, cryptocurrencies have enjoyed great popularity over the past year. Earlier this year, the pass was also introduced in Brazil, now it is ending for both countries.
In the Netherlands, the crypto exchange has had a crypto debit card since the end of 2020 thanks to a partnership with Visa, but it can no longer be used either. Finally, Binance is no longer allowed to offer its services to the Dutch.
The Bitcoin exchange remains hopeful despite low crypto volumes
Meanwhile, Binance is suffering both from its own decision to voluntarily withdraw from smaller countries and from government policies. Trading volumes and market shares may have fallen sharply, partly for this reason.
Nevertheless, the company persevered. In a recent blog post, Binance CEO Changpeng Zhao (CZ) wrote that the company has been profitable since its inception and that crypto is expected to grow explosively in the coming years.
