Fintech Nexus recently published an article discussing Binance’s surprising decision to discontinue its Mastercard debit card offerings in Latin America and other regions. The move entails ending ongoing programs in Brazil, Argentina, Colombia, and Bahrain in the Middle East, as reported in the article authored by David Feliba.

In the article, David Feliba references insights from Ignacio Carballo, an AMI expert and the Head of Alternative Finance at Americas Market Intelligence. Carballo highlights that Binance is reevaluating its approach in Latin America, emphasizing that payments products are not the most profitable aspect for cryptocurrency exchanges functioning as digital wallets. Despite this adjustment, the company continues to expand in the region, notwithstanding significant legal challenges it faces in the United States and other markets. As Carballo puts it, “Binance is reassessing its strategy in Latin America.”

For the full article, please visit: Binance’s exit from Mastercard debit cards raises questions about LatAm strategy.