Binance, the world’s largest cryptocurrency exchange by trading volume, has expanded its Latam presence with the launch of a crypto-linked prepaid card in Colombia. The card, developed in partnership with Colombian digital bank Movii, enables verified users to spend cryptocurrencies at any merchant that accepts standard debit or credit cards, with real-time conversion to Colombian pesos. This marks the third Latin American country to receive Binance’s card product, following Argentina and Brazil, and underscores Colombia's growing significance in the region's crypto landscape.
Card Features: Multi-Currency Support and Zero-Fee ATMs
The prepaid card supports over ten digital assets, including BNB, BTC, ETH, ADA, DOT, SOL, SHIB, XRP, MATIC, LINK, and various stablecoins. Users can configure which cryptocurrency to use as the primary spending currency; when a purchase is made, the card automatically converts the selected crypto to fiat at the real-time exchange rate. Merchants receive Colombian pesos instantly, eliminating volatility risk for them. Binance also highlighted that the card offers zero-fee ATM withdrawals and up to 8% cashback in cryptocurrency on selected purchases. The product is currently in beta, with a wider rollout expected soon.
The partnership with Movii, a Colombian neobank that also issues its own Mastercard, ensures seamless integration with the local financial system. Movii’s existing infrastructure allows users to top up the card, check balances, and manage spending via its mobile app. Binance’s Senior Manager for Colombia, Daniel Acosta, stated: “Colombia is a very relevant market for Binance. We believe that offering a Binance card will foster an even broader adoption of cryptocurrencies among Colombians, which will contribute to the development of the blockchain and crypto ecosystem in the country.”
Strategic Importance of Colombia in Latam
Colombia has emerged as a hotspot for cryptocurrency adoption in Latin America, driven by high inflation, currency devaluation, and a large unbanked population. According to data from Chainalysis, Colombia ranks among the top 20 countries globally for crypto adoption. Binance’s card product specifically targets the country’s growing demand for practical crypto use cases beyond speculation. By enabling everyday payments with crypto, the exchange aims to bridge the gap between digital assets and the real economy.
The launch also reflects Binance’s broader Latam strategy. Argentina’s card was introduced in August 2022, and Brazil’s version followed in February 2023. Both markets have shown strong uptake, with Binance reporting millions of active users in the region. Colombia now represents the third pillar of this expansion, and the company is exploring additional card launches in other Latam countries. The partnership model with local fintech players like Movii allows Binance to navigate regulatory requirements and payment network complexities more effectively.
Industry Impact and Competitive Landscape
Binance’s move puts pressure on other crypto exchanges and fintechs in the region. Rivals such as Crypto.com, Coinbase, and local players like Bitso have also launched card products in various markets, but Binance’s scale and fee advantages (zero ATM fees, high cashback) make it a strong contender. Moreover, the card supports a wide range of assets, including Binance’s native BNB token, which could drive additional demand for the ecosystem.
The growth of crypto prepaid cards is part of a larger trend of mainstreaming digital assets for everyday use. In Latin America, where traditional banking penetration is lower and remittances are significant, such cards could serve as a gateway to financial inclusion. Binance’s card not only allows spending but also enables users to earn cashback in crypto, incentivizing longer-term holding and usage.
Looking ahead, Binance plans to expand the card’s availability beyond beta and potentially introduce new features such as recurring payments and bill payments. The company is also investing in educational campaigns to help Colombian users understand the benefits and risks of using crypto for payments. As regulatory frameworks in Colombia continue to evolve — the country’s financial regulator has issued guidelines for crypto exchanges — Binance’s compliant approach with Movii sets a positive precedent.
In summary, the Binance-Movii prepaid card represents a significant step toward integrating cryptocurrencies into daily commerce in Colombia. With zero ATM fees, multi-asset support, and attractive cashback, it has the potential to accelerate adoption and position Colombia as a leading crypto-powered economy in Latin America.