Binance to Launch Prepaid Crypto Card in Argentina

  • Binance Card was launched in Argentina in partnership with Mastercard, allowing users to maker purchases using crypto at over 90 million merchants globally.
  • The card will not only allow customers to make payments using crypto, but also make cash ATM withdrawals, as well as earn up to 8% back on certain purchases.
Binance CEO Changpeng Zhao

Binance CEO Changpeng Zhao. CryptoMonedaseICOs

Popular cryptocurrency exchange Binance has partnered with payments provider Mastercard to launch a prepaid crypto card for residents of Argentina, the company said in a press release on 4 August.

According to the announcement, the exchange’s new product is still in beta phase, but will be widely available in Argentina in the coming weeks. The Binance Card will not only allow users to make purchases and pay bills using crypto, but also make cash ATM withdrawals anywhere Mastercard is accepted, which is roughly 90 million merchants globally. The general director of Binance Latin America, Maximiliano Hinz, said in a statement:

“Payments is one of the first and most obvious use cases for crypto, yet adoption has a lot of room to grow. By using the Binance Card, merchants continue to receive fiat and the users pay in cryptocurrency they choose. We believe the Binance Card is a significant step in encouraging wider crypto use and global adoption and now it is available for users from Argentina.”

In order to acquire the card — which allows users to earn up to 8% back in crypto on certain purchases — Argentines will need to have a valid national identity card, a requirement that is already in place for credit cards. Argentina — where “crypto penetration” has reached 12% — is the first Latin America country yo debut a Binance Card, though the exchange had made a similar offering in the European Economic Area (EEA) in 2020.

On Friday, Binance also announced it will be adding support for three new altcoins to Binance Card — namely Ripple (XRP), Shiba Inu (SHIB), and Avalanche (AVAX) — which expands its support to 14 crypto assets. This change, however, will only apply to its EEA card, and not to the newly launched card in Argentina.

Related Coverage
Dutch Central Bank Issues €3.3M Fine to Binance
  • De Netherlandsche Bank (DNB) noted it had applied a bigger penalty to Binance due to its prolonged violations, from May 2020 to December 2021.
  • Binance has now submitted its registration application with DNB, and will soon comply with the bank’s Money Laundering and Terrorist Financing Prevention Act.
July 18, 2022, 11:13 AM

Binance CEO Changpeng Zhao. CoinDesk

Binance Receives License From Bank of Spain
  • Now registered as a VASP in Spain, Binance is able to provide AML and CTF compliant crypto exchange and custody services in the country.
  • The exchange is now planning to expand its services in Spain, as well as onboard local talent to help grow Spain’s crypto ecosystem.
CAKE Jumps in Price Following Binance Labs’ Investment
  • While far from its all-time high of $43.96, the price of CAKE did jump by 7% following Binance Labs’ investment, and is now traded for around $4.7.
  • As the largest dapp on BNB Chain, PancakeSwap has been leading the development and adoption of the blockchain, which is one of the reasons behind the investment.