Binance is shutting down its crypto-powered Visa debit card in Europe.
The best global crypto exchange by trading volume say Binance Card services will stop operating in the European Economic Area (EEA) in December.
Binance notes that customer accounts are not affected. The exchange is urging European customers to switch to Binance Pay, the company’s crypto payment technology.
And here goes the #Binance Visa debit card!
First Paysafe took care of on/offboarding of EUR, now Contis took care of the debit card, what now? pic.twitter.com/e7EF7G7CVN
— Michael ??S?? (@M_affirmed) October 20, 2023
Binance first rolled out the card in Europe in September 2020, allowing its customers to use the crypto assets in their exchange accounts to spend money and transact in more than 60 million locations around the world.
The exchange did not provide a reason to close the card, although the company has faced a series of regulatory challenges this year in jurisdictions around the world.
Binance announced its exit from the Canadian market in May, citing new stablecoin rules and investor limits that the exchange said made doing business in the country “unsustainable.”
In June, the U.S. Securities and Exchange Commission (SEC) sued Binance, company CEO Changpeng Zhao and Binance.US, alleging the companies violated securities laws.
In August, a Mastercard spokesperson said told Reuters reports that the payments giant has ended its partnership with Binance.
In September, Binance said it would sell all its Russian operations to local crypto exchange CommEX, claiming that operating in the country no longer seemed compatible with the company’s business model. No specific details were given.
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