Binance Shuts Down European Crypto Visa Debit Cards
Binance has decided to discontinue its cryptocurrency-based Visa debit card service in the European market.
The world’s leading cryptocurrency exchange in terms of trading volume has announced that Binance Card services will cease to operate in the European Economic Area (EEA) come December.
I want you to know that this decision won’t have any direct impact on customer accounts. Instead, Binance is encouraging its European customers to transition to Binance Pay, the company’s proprietary cryptocurrency payment solution.
This move follows Binance’s initial introduction of the card to the European market back in September 2020, allowing its users to utilize their cryptocurrency holdings in their exchange accounts for transactions at over 60 million locations worldwide.
While the exchange hasn’t officially disclosed the specific reasons for discontinuing the card service, it’s important to acknowledge that Binance has encountered a series of regulatory challenges in various jurisdictions throughout the year.
In May, Binance made the decision to exit the Canadian market due to new regulatory measures, which the exchange deemed as making it unsustainable to continue operations in the country.
READ MORE: Binance Expands Horizons with European Fiat Partnerships
Subsequently, in June, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Binance, its CEO Changpeng Zhao, and Binance.US, alleging violations of securities laws.
Furthermore, in August, Mastercard terminated its partnership with Binance, and in September, Binance disclosed its intent to sell its entire Russian business to a local cryptocurrency exchange called CommEX. The rationale behind this move was that operating within the Russian market no longer aligned with the company’s business model, although specific details were not provided.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
