Troubled cryptocurrency exchange Binance will stop offering cryptocurrency-backed debit card services in Latin America and the Middle East。While the exchange did not specify the reasons for the move, it may have to do with the growing challenges the company faces around the world.。

According to a statement released by its customer support team on X (formerly Twitter), Binance said the impact of the decision was relatively small, with less than 1% of the user base in the affected area.。The company clarified that the move would not affect users' ability to access their accounts or engage in other crypto-related activities.。

Impact on Users and Markets

The company announced: "Users in Latin America and the Middle East will no longer be able to use Binance cards.。"Like most debit cards, the product has been used by Binance users to cover basic day-to-day expenses, but in this case the cards were funded from crypto assets."。Users of the product will no longer be able to use the card until September 21, 2023, and Binance's accounts around the world will not be affected.。""

Despite the imminent exit of crypto-backed debit cards from the market, Binance stressed to users in the affected regions that they can still pay using Binance, a platform that allows users to send and receive cryptocurrency via mobile devices.。Recently, Binance Pay will expand into the Brazilian market, enabling customers to trade with more than 70 cryptocurrencies.。

Leading the Change of Encryption Services

The shutdown of Binance cards echoes another decision by the exchange recently to shut down its cryptocurrency trading service Binance Connect.。The company said the move was intended to realign Binance's focus on its core products and services.。Binance Connect, formerly known as Bifinity, was disabled on August 16, one year after its launch, Coindesk said.。

About two days ago, there were reports that Binance had temporarily suspended euro deposits and withdrawals.。A tweet from Binance's customer support official Twitter account exposed the turmoil surrounding the exchange's European operations.。However, a Binance spokesman reportedly insisted that business operations had not been affected.。

At the same time, a noteworthy development is that Binance, the American institution of the global cryptocurrency exchange.US recently entered into a partnership with MoonPay to promote fiat payment services on its platform, a partnership that aims to strengthen fiat-to-cryptocurrency entry services within exchanges.。