Mastercard ended its partnership with Binance in Latin America and Bahrain in September. The regulatory environment probably influenced this decision. Binance Visa will discontinue its debit card services in the European Economic Area (EEA) on December 20, the cryptocurrency exchange announced on October 20. Meanwhile, Binance accounts will not be affected.
Binance is ending its Visa debit card service!
According to the statement, Finansinės paslaugos “Contis Financial Services”, which issues the Binance card, will stop issuing the card. Binance announced this development in a letter sent online to its customers. Contis is a Lithuanian electronic money institution and currency exchange operator owned by Solaris Group, a German banking-as-a-service platform operating in 30 European countries.
The Binance Visa debit card converts the crypto in users’ exchange accounts into local currencies. This allows them to use crypto to pay in stores and online. The EEA includes all 27 European Union member states and Iceland, Liechtenstein and Norway.
And here goes the #Binance Visa Debit Card!
First Paysafe providing EUR on/offboarding, now Contis providing the debit card, what’s next? pic.twitter.com/e7EF7G7CVN
— Michael ⚡️S⚡️ (@M_affirmed) October 20, 2023
Exchange official: It will affect a small portion of our users
cryptokoin.comAs you follow from , Binance introduced its Visa debit card in the EEA in September 2020. At the time, Binance’s plans included introducing the cards in Russia and potentially the United States as well. A stock exchange spokesperson said the following in his statement regarding the issue:
While exchange users around the world have enjoyed using the (Binance Visa debit card) Card to make everyday payments with crypto assets, only approximately 1% of our users are affected by this change.
Binance is having a hard time amid regulatory pressure
Binance’s shutdown of its Visa service is the latest in a series of setbacks for the exchange. The end of Binance Visa card services was announced a day after the exchange restarted euro deposits and withdrawals, which had been unavailable for a month after payment processor Paysafe left the exchange. Crypto exchange loses third-party service provider in the UK. That’s why it still doesn’t accept new users.
On the other hand, Binance.US suspended US dollar deposits in June. It also warned that it would suspend withdrawals. It has partnered with MoonPay to enable US users to purchase Tether on the exchange. Earlier this week, it announced that US customers would be able to withdraw dollars from their accounts by converting fiat currencies into stablecoins. Mastercard ended its partnership with exchanges in Argentina, Brazil, Colombia and Bahrain in September. At the time, it cited regulatory scrutiny as motivation for the separation.
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