Binance To Discontinue Visa Debit Card Program in Europe: Top Crypto Exchange's Update

Binance Ceases Operations of its Crypto-Powered Visa Debit Card in Europe

Binance Announces Termination of Its Crypto-Powered Visa Debit Card Services in the European Economic Area (EEA) by December"

Binance has made a significant decision to discontinue its crypto-powered Visa debit card services in the European Economic Area (EEA) by the end of December. It's important to note that this change will not impact customer accounts. Instead, Binance is encouraging its European customers to make a transition to Binance Pay, the company's proprietary cryptocurrency payment technology.

Back in September 2020, Binance introduced the Visa debit card in Europe, allowing its users to utilize the cryptocurrencies in their exchange accounts for transactions at over 60 million locations worldwide. The exchange, however, has not provided specific reasons for this discontinuation. It's worth mentioning that Binance has encountered various regulatory challenges in multiple jurisdictions throughout the year.

In May, Binance decided to exit the Canadian market due to new regulations related to stablecoins and investor limits, which the exchange found untenable. In June, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Binance, its CEO Changpeng Zhao, and Binance.US, accusing them of violating securities laws.

Additionally, in August, Mastercard terminated its partnership with Binance, further impacting the exchange's services. In September, Binance announced the sale of its entire Russian business to local crypto exchange CommEX, suggesting that operating in Russia was no longer aligned with the company's business model. Unfortunately, no specific details regarding this divestiture were provided.

Oct 24, 2023