Crypto Gaint Binance has revealed that it will discontinue its Binance Visa debit card services in the European Economic Area (EEA) on December 20, 2023, at 00:00 (UTC+0). This announcement comes in the wake of a series of challenges and regulatory scrutiny faced by the exchange in various countries.
The Binance Visa debit card has been a useful tool for users in the EEA since its introduction in September 2020. It allowed crypto enthusiasts to convert their digital assets stored in their accounts into local currencies, enabling them to purchase in physical stores and online. The EEA includes all 27 European Union member states, as well as Iceland, Liechtenstein, and Norway.
A spokesperson from the exchange revealed that this change would impact only around 1% of the exchange’s user base. It assures its users that their Binance accounts will remain unaffected, and this discontinuation pertains exclusively to the Binance Visa debit card services.
Holders of the exchange’s Visa Debit Card issued under the EEA program have until December 20, 2023, at 00:00 (UTC+0) to use their cards for purchases. After this date, cardholders can no longer make card-based transactions.
Binance Pay As The Alternative
The exchange has suggested an alternative for its users, Binance Pay, a secure cryptocurrency payment technology designed by the exchange. Users can utilize it for contactless and borderless crypto transactions at merchants that accept this payment method. The transition away from the Binance Visa card does not impact cashback rewards, which will continue to be distributed as usual.
This decision to discontinue the Binance Visa card service in the EEA is part of the exchange’s broader trend of challenges. Notably, this news comes just after the exchange restored euro deposits and withdrawals following a month-long disruption caused by payment processor Paysafe’s withdrawal of support for the exchange. Additionally, the exchange is still unable to onboard new users in the United Kingdom due to losing a third-party service provider.
Furthermore, the exchange has announced that it will no longer accept new customers from the United Kingdom as it grapples with heightened regulatory scrutiny in the UK and the United States, Germany, France, and the Netherlands. These developments underscore the evolving landscape of cryptocurrency regulations and their impact on major exchanges.