Binance representatives clarified that the measure to suspend the purchase of bitcoins using debit and credit cards will be temporary.
Some users of Binance, the renowned cryptocurrency buying, and selling platform, will not be able to buy BTC with conventional bank cards, the company announced in a statement published last week. The Latin American countries that will no longer be able to use the “pay by bank card” option are Mexico, Colombia, Peru, Argentina, and Brazil.
Representatives of the exchange updated the list of countries that now can use this purchase option, despite Binance enabled the use of Visa debit and credit cards to buy cryptocurrencies in Colombia and Peru, a few days ago.
The new update also includes other countries in Asia and Africa, such as Nigeria, the Philippines, India, South Korea, among others. Therefore, there are more than 16 territories that will not be able to access the option to buy cryptocurrencies using a fiat money card.
The statement highlights that this measure will only be temporary and that it also will affect users who used Visa and Mastercard to purchase cryptocurrencies. However, Binance representatives did not specify the reason for the suspension of this payment option or the time it will be disabled. The crypto buyers hope to receive more details on this new decision in the next days.
The statement is accompanied by a report that names the countries that may still have access to this option. The statement details that Spain, Italy, Norway, the United Kingdom, Germany, France, and some 27 other territories, mostly European, can buy cryptocurrencies regularly basis using debit and credit cards (fiat money).
In the last announcement, Binance said it enabled the Paxful payment platform so that users in Colombia and Peru were able to buy cryptocurrencies using their Visa debit and credit cards. The exchange also talked about the inclusion of countries such as South Korea and Kazakhstan to this purchase option. However, Binance also disabled the option for these countries.
On the other hand, almost a month ago, Binance allowed P2P (peer-to-peer) exchanges in some types of local Latin American currencies such as the Brazilian Real and the Peruvian Sol. But the statement issued last week did not clarify if the company would restrict these exchanges or if these operations will have limitations when making the exchange.
This measure also comes after Binance removed the Visa company logo from its crypto card project, a few days ago. This happened despite Binance announced that Visa would be among the allied companies that would provide issuance support for the company’s exchange cards.
Currently, Binance has become the number one crypto exchange company in the world. It manages a volume of electronic commerce per day, for almost 4,000 million dollars.
The exchange company was born in China in mid-2017, where it had its operations center in the Asian country. However, regulatory problems forced the company to change its headquarters to Malta, in 2018. Now is an important company in the crypto world.
By María Rodríguez