Binance Halts Visa Debit Card Issuance in Europe and Ends Crypto Card Services in the EU
Date: 2023-10-21 Author: Dima Zakharov Categories: CRYPTO PAYMENTS, IN WORLD
Discontinuation of Binance Crypto Cards in Europe
The world's largest cryptocurrency exchange, Binance, has announced its decision to halt the issuance of Visa debit cards within the European Economic Area (EEA). This declaration has garnered significant attention and interest within the cryptocurrency community, as Binance's crypto cards represented a convenient means of using cryptocurrency in daily transactions.
From now on, previously issued Binance crypto cards will become invalid after December 20, 2023. This significant change will affect users across nearly 40 supported European countries, including Germany, France, Italy, Spain, and Poland. According to Bloomberg data, Binance's debit cards make up around 1% of the company's customer base.
This decision by Binance took many by surprise, as crypto cards were a popular product, allowing users to utilize their cryptocurrency holdings for everyday activities, such as in-store payments and ATM cash withdrawals.
Implications for Users and Future of Binance Crypto Cards
The discontinuation of Binance crypto card issuance in Europe has raised numerous questions among users, primarily regarding how this will impact their cryptocurrency capabilities. However, Binance has clarified that this change will not lead to the elimination of all service and payment options within the region.
Representatives from Binance have assured users that their primary accounts on the exchange will remain unaffected, and users can continue to use the Binance Pay app for cryptocurrency payments at compatible points of sale. This means that users can still conduct cryptocurrency transactions, but they might need to seek alternative methods, such as mobile wallets or cards from other providers.
Meanwhile, the discontinuation of crypto card issuance will also affect the Ukrainian Refugee Crypto Cards program, which Binance launched in April 2022. This program was designed to provide financial assistance to Ukrainian refugees, enabling them to receive funds in the form of cryptocurrency.
