Binance Has Just Discontinued Mastercard-Backed Crypto Card in Latin America and Middle East

Binance, the largest cryptocurrency exchange in the world, has decided to discontinue its Binance Card services in Latin America and the Middle East. The Binance Card, which was launched in collaboration with Mastercard in January, allowed users to use their crypto assets to fund their purchases and bill payments.

In a statement released on Tuesday, the exchange informed that Binance Cards issued in Latin America would no longer be accepted after September 21st, while the cards issued in the Middle East would no longer be supported after August 25th.

However, the exchange clarified that this change would affect less than 1% of its users in Latin American and Middle Eastern countries where the product is no longer offered, even though many users in these regions had been using the Binance Card for daily expense payments with their cryptocurrencies.

If you have any issues or wish to return a card-related purchase, please do so before December 20th. Any refunds processed after the card services terminate will be deposited into your Binance account.

Unfortunately, Binance has decided to discontinue the Mastercard-backed crypto card in Latin America and the Middle East due to rising regulatory concerns.

In June, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Binance and its CEO, Changpeng Zhao, for violating investor protection laws and selling unregistered “crypto asset securities.”

In other recent news, a JPMorgan Chase client, Milissa Ferrari, fell victim to a sophisticated banking scam and lost $30,000. She received a text message and a call from a number that matched Chase’s customer support number on her debit card.

A female voice on the call informed her of potential wire fraud on her account and asked her to press 1 to speak to a fraud agent. After pressing 1, she was connected to a scammer who tricked her into handing over her bank account details.

The scammer instructed her to visit her bank in person to unlock her account, which she did right away. We suggest that you check out the entire story in our previous article.