Leading cryptocurrency exchange binance-onboards-new-fiat-partners-for-euro-transactions">Binance will be discontinuing its Visa debit card service in the European Economic Area (EEA) as of December 20th, 2022.
Binance’s card issuer, Lithuania-based Contis Financial Services, will stop issuing the card according to an announcement. The Binance Visa allowed users to spend crypto balances like Bitcoin at stores and online.
The shutdown marks the newest obstacle for Binance after losing partnerships with payments processors and facing regulatory restrictions in certain jurisdictions. Last month, Mastercard ended its Binance card program in Latin America and Bahrain.
While only 1% of Binance users will be impacted, the move highlights the exchange’s struggles to maintain key financial services amidst the crypto downturn. Just a day earlier, Binance reinstated euro deposits and withdrawals after a month-long suspension.
The series of setbacks for its card offering suggests Binance faces an uphill battle to be fully integrated into the mainstream payments ecosystem. However, the exchange maintains its dominance as the world’s largest crypto trading platform.
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