Binance, the world’s largest cryptocurrency exchange, said on Thursday it will discontinue its crypto debit card for users in Latin America and the Middle East from Sept. 21.

See related article: Binance denies Russia sanctions violation reported by WSJ

Fast facts

• Binance Card is funded with crypto assets and used to pay for goods like traditional debit cards. Only 1% of its customers in Latin America and the Middle East will be affected by the service halt, the exchange said in a Twitter response via its customer support account.
• “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 said.
• The development comes days after the exchange announced the launch of Binance Pay, its contactless payment service, in Brazil.
• Meanwhile, Binance faces issues with payment partners. Earlier this month, London-based payment processor Checkout.com terminated its contract with Binance due to concerns over money-laundering and compliance. Binance in June said that Paysafe Payment Solutions, its euro banking partner, will stop offering its services from Sept. 25. 
• Last week, Binance announced that it was shutting down its cryptocurrency payment service Binance Connect, a fiat-to-crypto payment infrastructure. 
• Binance did not respond to Forkast’s request for comment.

See related article: Binance chief says unclear crypto regulation ‘the worst’

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• Source: https://forkast.news/headlines/binance-card-shuts-down-latin-america/