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News

Binance Visa Card Services Will No Longer Be Supported In The EEA

October 21, 2023 - Around 2 mins mins to read

Key Points:

  • Binance is discontinuing its Visa debit card services in the European Economic Area (EEA) on December 20, 2023.
  • Existing Binance Visa debit cardholders can continue using their cards until December 20, after which card purchases will no longer be possible.
  • The discontinuation of the Binance Visa Card services is a result of growing regulatory scrutiny and the termination of partnerships with Mastercard and Visa.
Binance, a leading cryptocurrency exchange, is set to discontinue its Visa debit card services in the European Economic Area (EEA) on December 20, 2023. The decision comes amid growing regulatory scrutiny and the termination of partnerships with Mastercard and Visa.
Binance Visa Card Services Will No Longer Be Supported In The EEA

Binance to Phase Out Binance Visa Card Services in EEA

Existing Binance Visa debit cardholders can continue using their cards until December 20, after which card purchases will no longer be possible. Binance suggests exploring alternative payment options, such as Binance Pay, a contactless and secure cryptocurrency payment technology.

The closure of Binance Visa Card services also affects the Ukraine Refugee Cards issued under the EEA program. All Binance Visa Cards falling under this program will be impacted.

Despite discontinuing Binance Visa Card services, users can still expect to receive cashback rewards for successful transactions. Binance assures that the distribution of cashback rewards will continue as usual.

The Binance Visa Card allowed users to convert and spend cryptocurrencies at more than 60 million online and offline merchants worldwide. However, Binance has faced growing scrutiny from U.S. regulators, leading to retrenchment and the discontinuation of partnerships with Mastercard and Visa.

Regulatory Pressures Prompt Binance to Withdraw Its Market

The Binance Visa Card converts crypto in users’ Binance accounts into local currencies, enabling them to use crypto for purchases in stores and online. The EEA comprises all 27 European Union member states, Iceland, Liechtenstein, and Norway.

This decision follows Mastercard’s termination of its partnership with Binance in Latin America and Bahrain in September, possibly due to the regulatory environment.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Binance

Binance Visa Card

EEA

MasterCard

Visa

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Binance Visa Card Services Will No Longer Be Supported In The EEA

Key Points:

  • Binance is discontinuing its Visa debit card services in the European Economic Area (EEA) on December 20, 2023.
  • Existing Binance Visa debit cardholders can continue using their cards until December 20, after which card purchases will no longer be possible.
  • The discontinuation of the Binance Visa Card services is a result of growing regulatory scrutiny and the termination of partnerships with Mastercard and Visa.
Binance, a leading cryptocurrency exchange, is set to discontinue its Visa debit card services in the European Economic Area (EEA) on December 20, 2023. The decision comes amid growing regulatory scrutiny and the termination of partnerships with Mastercard and Visa.
Binance Visa Card Services Will No Longer Be Supported In The EEA

Binance to Phase Out Binance Visa Card Services in EEA

Existing Binance Visa debit cardholders can continue using their cards until December 20, after which card purchases will no longer be possible. Binance suggests exploring alternative payment options, such as Binance Pay, a contactless and secure cryptocurrency payment technology.

The closure of Binance Visa Card services also affects the Ukraine Refugee Cards issued under the EEA program. All Binance Visa Cards falling under this program will be impacted.

Despite discontinuing Binance Visa Card services, users can still expect to receive cashback rewards for successful transactions. Binance assures that the distribution of cashback rewards will continue as usual.

The Binance Visa Card allowed users to convert and spend cryptocurrencies at more than 60 million online and offline merchants worldwide. However, Binance has faced growing scrutiny from U.S. regulators, leading to retrenchment and the discontinuation of partnerships with Mastercard and Visa.

Regulatory Pressures Prompt Binance to Withdraw Its Market

The Binance Visa Card converts crypto in users’ Binance accounts into local currencies, enabling them to use crypto for purchases in stores and online. The EEA comprises all 27 European Union member states, Iceland, Liechtenstein, and Norway.

This decision follows Mastercard’s termination of its partnership with Binance in Latin America and Bahrain in September, possibly due to the regulatory environment.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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