Binance Halts Visa Debit Card Service in Europe Amid Regulatory Concerns
Following Visa and Mastercard's termination of partnerships with Binance a couple of months ago, the world's largest cryptocurrency trading platform is now ceasing service of its Visa debit card in the European Economic Area (EEA).
On December 20, 2023, Binance will discontinue its Visa debit card services in the European Economic Area (EEA), according to an announcement in a blog post on October 20. Despite this, Binance exchange accounts will remain unaffected, and users will be able to use their existing physical or virtual cards as usual until the specified date.
"Binance Card services will no longer be offered in the EEA, but you can use your existing physical or virtual card as usual until December 20, 2023, 00:00 (UTC+0). Your Binance account will not be affected. We apologize for any inconvenience."
Binance initially introduced its Visa debit card in the EEA in September 2020, with plans to expand to Russia and potentially the United States. This card allowed users to convert the cryptocurrencies held in their Binance accounts into local currencies, enabling them to use crypto for both in-store and online purchases. Binance had promoted the card as a means for European residents to convert and spend cryptocurrencies at over 60 million online and physical stores across the EEA, which includes all 27 European Union member states, along with Iceland, Liechtenstein, and Norway. Cashback bonuses were also offered to users of the card.
"With the Binance Card, European residents can convert and spend cryptocurrencies in over 60 million online and physical stores," the company had said.
The discontinuation of Binance's Visa debit card services in the EEA will also affect the Ukrainian Refugee Crypto Cards program, which was
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