Binance will stop its EU Visa debit card in December

By: Henry Felix

Binance will stop its EU Visa debit card in December

October 20, 2023 7:27 PM

In September, Mastercard severed its collaboration with Binance in Latin America and Bahrain, probably because of the regulatory climate.


The cryptocurrency exchange Binance announced on October 20 that its Visa debit card services in the European Economic Area (EEA) would cease operations on December 20. There will be no impact on Binance accounts.


Finansins paslaugos "Contis," or Contis Financial Services, would no longer issue Binance cards, the company informed its customers in a letter posted online. The German banking-as-a-service platform Solaris Group, which operates in 30 European countries, owns the Lithuanian electronic money institution and currency exchange provider Contis.


Users can use the Binance Visa debit card to make in-store and online purchases using cryptocurrency stored in their Binance accounts. The European Economic Area (EEA) consists of the 27 EU member states plus Iceland, Liechtenstein, and Norway.

 


In September of 2020, the European Economic Area got its first Binance Visa debit card. Back then, there was talk of launching Binance cards in Russia and maybe even the US.


The shutdown of Binance Visa is just the latest setback for the cryptocurrency exchange. After a month of inaccessibility due to Paysafe's decision to abandon the exchange, Binance finally reintroduced euro deposits and withdrawals the day before announcing the discontinuation of Visa card services. Since losing a third-party service provider, Binance has been unable to accept new British members.


Binance In June, the United States prohibited deposits and withdrawals in U.S. dollars. It collaborated with MoonPay so that customers in the United States could purchase Tether (USDT) on the market. Earlier this week, the company stated that its U.S. users may now convert their dollars into stablecoin and withdraw the funds from their accounts.


Binance and Mastercard's collaboration ended in September in the four countries and in the Gulf state of Bahrain. It was speculated at the time that looming regulatory scrutiny was behind the split.