Leading cryptocurrency exchange Binance has revealed that it will cease its Visa debit card services in the European Economic Area (EEA) on 20 December 2023. The move comes after a decision from Contis Financial System, the card issuer for Binance’s debit card.
Contis is a Lithuanian-based electronic money institution and currency exchange operator and a subsidiary of the of the German banking-as-a-service platform, Solaris Group, which operates in 30 European countries.
The Binance Visa debit card allowed users to pay with cryptocurrencies from their Binance accounts by converting them into local currencies. This feature made it possible for users to shop online and in person using their crypto assets, but from December it will no longer be available in the EEA, which consists of all the countries in the European Union, plus Iceland, Liechtenstein, and Norway.
Binance announced that it would stop offering its Visa debit card services in the EEA, just one day after it reinstated its euro deposits and withdrawals. The exchange had to suspend these services for a month when Paysafe, a payment processor, cut off its relationship with Binance.
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- Source: https://www.cryptocompare.com/email-updates/daily/2023/oct/23/
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