Binance Debit Card will be Unavailable in the EEA from December 20

Crypto News – According to a statement released by the cryptocurrency exchange on October 20, Binance Visa debit card services will end in the European Economic Area (EEA) on December 20. Along with Iceland, Liechtenstein, and Norway, the EEA includes all 27 members of the European Union.

Binance Debit Card will be Unavailable in the EEA from December 20

The company that issues Binance’s credit card, Finansin’s Paslaugos Contis Financial Services, has informed consumers that it will no longer issue the card. The Binance exchange accounts won’t be impacted, though. By converting cryptocurrency in users’ Binance accounts into local currencies, the Binance Visa debit card enables customers to utilize cryptocurrency to pay for transactions both in person and online.

In the EEA, the Binance Visa debit card was launched in September 2020. The introduction of Binance cards in Russia and possibly the US was planned at the time.

Although Binance users from around the world have enjoyed using (the Binance Visa debit) card to make day-to-day payments with crypto assets, only around 1% of our users are impacted by this change.

A Binance spokesperson

Binance Has Recently Fallen Victim to Setbacks

The closure of the Binance Visa service is the latest in a string of setbacks for Binance. The end of Binance Visa card services was announced a day after the exchange restored euro deposits and withdrawals, which had been unavailable for a month after payments processor Paysafe dropped the exchange. Binance is still not onboarding new users in the United Kingdom due to the loss of a third-party service provider.

Mastercard ended its partnership with Binance in Argentina, Brazil, Colombia, and Bahrain in September. At the time, regulatory scrutiny was suggested as the motivation for the breakup.