Top Crypto Exchange Binance To Shutter Visa Debit Card Program in Europe

Binance is shutting down its crypto-powered Visa debit card in Europe.

The top global crypto exchange by trading volume says Binance Card services will stop working in the European Economic Area (EEA) in December.

Buy physical gold and silver online

Binance notes that customer accounts won’t be impacted. The exchange urges European customers to transition to Binance Pay, the company’s crypto payment technology.

Binance first rolled out the card in Europe in September 2020, enabling its customers to use the crypto assets in their exchange accounts to spend and transact at more than 60 million locations around the world.

The exchange did not provide a reason for shuttering the card, though the company has faced an onslaught of regulatory issues in jurisdictions across the globe this year.

Binance announced its departure from the Canadian marketplace in May, citing new stablecoin and investor limits regulations that the exchange said made doing business in the country “untenable.”

In June, the U.S. Securities and Exchange Commission (SEC) sued Binance, the company’s CEO Changpeng Zhao and Binance.US, alleging that the firms were violating securities laws.

In August, a Mastercard spokesperson told Reuters that the payments giant was ending its partnership with Binance.

In September, Binance said that it would be selling the entirety of its Russian business to local crypto exchange CommEX, claiming that operating in the country no longer appeared compatible with the firm’s business model. No specific details were given.

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/DanieleGay

The post Top Crypto Exchange Binance To Shutter Visa Debit Card Program in Europe appeared first on The Daily Hodl.

About the author

Why invest in physical gold and silver?
文 » A