The world’s largest cryptocurrency exchange, Binance, has announced that it will stop providing cryptocurrency card services in the European Economic Area (EEA). This decision is a response to increased regulatory scrutiny and pressure on Binance from authorities in various countries.
Binance Visa Debit Card Program to Shut Down in December
Binance, the world’s largest crypto exchange, is ending its Visa Debit Card Services in the European Economic Area (EEA). This decision affects all 27 European Union member states, as well as Iceland, Lichtenstein, and Norway. Customers in the EEA were informed of this change via email.
The issuer of Binance’s Visa Debit card, UAB “Finansines passages ‘Contis’,” has decided to terminate the program in the next two months. Binance’s Visa Debit Card allows users to convert their crypto assets into local fiat currencies for everyday purchases.
After December 20, 2023, at 00:00 (UTC+0), the Visa Debit Card service in the EEA will no longer be operational. However, Binance assured users that their accounts will remain unaffected. The exchange recommends its Binance Pay service as an alternative method for transactions with registered local merchants.
Binance’s decision applies to all EEA member states, including Ukraine, which has been in conflict with Russia since February 2022. Binance introduced its Refugee Crypto Card service in April 2022 to assist Ukrainians displaced by the war with their financial transactions in EEA countries. Unfortunately, this program will also be discontinued, along with Binance’s other card services in the European Economic Area.
Fresh Challenges for Binance
Binance, the world’s largest crypto exchange, is encountering a series of regulatory issues globally, making its recent decision to end Visa card services in the EEA just another challenge. In August, Mastercard cut ties with Binance, leading to the termination of its card services in Latin America and the Middle East.
Recent roadblocks for Binance include investigations in France and Australia, as well as licensing rejections in Austria, the Netherlands, and Germany. The exchange is also embroiled in a legal battle with the US SEC, facing 13 criminal charges from the regulator.
Total crypto market valued at $1.1 trillion on the hourly chart | Source: TOTAL chart on Tradingview.com
Additionally, Binance.US recently suspended dollar withdrawals, converting into a crypto-only exchange due to alleged pressure from the SEC. In June 2022, the SEC was accused of influencing the exchange’s banking partners to end their relationships with Binance.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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