According to a recent post by Binance’s customer service team on X, formerly Twitter, the company is ending support for its cryptocurrency-backed debit card across Latin America and the Middle East.
The bitcoin exchange reiterated that the card service would end in the Middle East on August 25 and in Latin America on September 21. Although it did not give a justification for the choice, it did state that less than 1% of its users in the relevant areas would be impacted.
The debit card enables users to conduct transactions with their crypto assets in stores or online just like they would with a debit card issued by their bank.
Less than a year ago, the card was introduced in Latin America. Argentina, the second-largest country in the area, and Brazil, the biggest, were the first to accept it.
The action comes shortly after the exchange shut down its cryptocurrency payment tool, Binance Connect, which permitted businesses to accept cryptocurrency payments. The exchange stated earlier this month that Binance made the choice in order to emphasise on its core products.