Binance Canceled Its Visa Debit Card in Europe
The world's famous cryptocurrency exchange, Binance, announced its decision to stop issuing and servicing Visa debit cards in Europe. Holders of both physical and virtual Binance Visas have a right to use them until December 20, 2023. Company has sent an email with explanations of what’s happening to users:
The Binance Card was launched in the spring of 2020. Its owners could make ordinary purchases paying in crypto like BTC and ETH. In September of the same year, Binance Card became available in Europe. However, in August of 2023, Bloomberg reported that Binance stopped its cooperation with Visa and Mastercard due to its regulatory problems:
- In March, the Commodity Futures Trading Commission (CFTC) filed a civil lawsuit against the platform.
- In June, SEC filed 13 claims against Binance and its head Changpeng Zhao.
- Amid regulatory pressure on the exchange in the USA, the platform faced problems in Europe. Binance withdrew applications for licenses in the UK, Austria, Cyprus and Netherlands.
However, no matter what, Binance continues to develop alternative payment methods by offering users its own payment service, Binance Pay. Meanwhile, other cryptocurrency exchanges such as Bitget, Huobi, Bybit and Gate.io have released their own cryptocurrency cards, giving users more choice in cryptocurrency payment solutions. Find out more about crypto cards in this article!
SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.
