Binance, the world’s largest cryptocurrency exchange, has announced the termination of its crypto debit cards for customers in the Latin America and Middle East regions from September 21, 2023. The card termination affects a “tiny portion” of its customers – less than 1% of users in the select regions.A crypto debit card enables users to handle their daily expenses with cryptocurrencies. Binance said that users of this product will have until September 21, 2023, when the card will no longer be available for use. Binance accounts around the world are not affected. Where available, users can also shop with crypto and send crypto using Binance Pay, a contactless, borderless and secure cryptocurrency payment technology designed by Binance.Binance has recently faced regulatory challenges leading to issues with some partners. The American Securities and Exchange Commission (SEC) has sued the company over allegations of operating as an unregistered national securities exchange, broker, and clearing house. The firm is also facing scrutiny from the American Justice Department (DOJ), the Commodity Futures Trading Commission, and regulators in other regions. The DOJ is probing the exchange over possible violations of sanctions against Russia, its financial institutions, and individuals of interest.Binance also discontinued its buy-and-sell service, Binance Connect, last week, barely a year after its launch. The exchange claimed the move was essential to realigning its focus on primary products and long-term objectives. However, it is believed that the service was halted because Checkout.com, a London-based credit card processing company and Binance’s partner, terminated their relationship due to regulatory compliance and money laundering concerns.
| Information |
Details |
| Geography |
South America |
| Countries |
🇦🇷 🇧🇷 🇺🇸 |
| Sentiment |
neutral |
| Relevance Score |
9 |
| People |
None |
| Companies |
Binance, American Securities and Exchange Commission (SEC), American Justice Department (DOJ), Commodity Futures Trading Commission, Checkout.com |
| Currencies |
None |
| Securities |
None |
