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 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.

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