According to announcement, Binance Card, a cryptocurrency debit card enabled by the exchange, will be discontinued in Latin & Middle East on Sep 21.
Binance Card
Binance Card functions similarly to traditional debit card in that it allows users to use their digital assets for regular trans.
The main distinction is that crypto debit cards are funded with digital assets.
60 million businesses
According to the Binance website, the card is accepted at over 60 million businesses worldwide.
Other Binance accounts
Meanwhile, exchange stressed that the service suspension will affect just a small percent of its consumers in the aforementioned markets.
Other Binance accounts
Other Binance accounts around the world, however, are unaffected.
Binance Pay is now available in Brazil
Binance’s suspension of card services in Latin America follows the introduction of its Binance Pay services in Brazil.
Binance Pay is a free, contactless, borderless, and secure cryptocurrency payment method that supports over 70 cryptocurrencies and allows users to transfer funds safely across wallets in seconds.
12M active users in Brazil
Binance stated that the services had achieved over 12 million active users, with over $98 billion in pay volumes processed.
Guilherme Nazar, Binance’s general manager in Brazil, anticipates the service “to be especially relevant for businesses in Brazil, as the country registers one of the highest crypto adoption increase rates.”
Regulatory issues
In the midst of all of these changes in Latin America, Binance is under increased regulatory scrutiny on the other side of the Atlantic.
Checkout.com, a London-based credit card payment processor, severed connections with the exchange last week, citing purported difficulties with anti-money laundering, sanctions, and compliance measures.
While Binance stated that it was considering legal action, the issue with the payment processor revealed the company’s struggles with regulators in the United States and other areas.
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