Binance Shuts Down Visa Card As Situation in Europe Worsens

  • Binance has announced shutting down its Visa Card Service. 
  • Users have until late December to use the card. 
  • The exchange attributed the sudden closure to a Lithuanian electronic money institution.

Binance’s troubles in Europe continue to mount as it weathers a storm in key markets, such as France, the United Kingdom, and the Netherlands. 

While a sense of calm returned after it reinstated Euro deposits and withdrawals, the exchange has once again disrupted waters by discontinuing its Visa Card service, leaving users open-jawed. 

Binance Visa in EU to Shut Down

On Friday, October 20, Binance announced that it will no longer be offering its Binance Visa Card services in the European Economic Area, comprising 27 European Union Member States. The exchange set a clear deadline, giving existing users until December 20 to continue using their physical and virtual cards before they are deactivated. 

The Binance Visa debit card would allow users to convert their crypto to local currencies, thus allowing them to use crypto to pay for purchases in stores and online.  

Binance clarified that the discontinuation of the card would not affect users’ exchange accounts. Instead, the exchange recommended that customers use Binance Pay, their contactless crypto payment technology, which is accessible in select European regions.

Binance Announcement to Visa Card Holders.

While Binance’s official announcement offered scant information about alternatives or the reasons for their abrupt closure, customer reports shed light on the situation. According to these reports, the exchange clarified in an email that the sudden halt is attributed to its card issuer, known as Finansinės paslaugos Contis, or Contis Financial Services. 

On the Flipside

  • Binance restored Euro deposits and withdrawals a day prior to halting its Visa debit card services. 
  • According to the exchange, the discontinuation of the card will affect the cards it offered Ukrainian refugees. 
  • Only 1% of Binance users have access to the Visa card. 

Why This Matters

The sudden discontinuation of Binance’s Visa card services adds to the growing list of the exchange’s problems. Amidst a backdrop of mounting issues, including the departure of senior executives, legal disputes, and rumors of insolvency, this abrupt closure could potentially steer the exchange toward a precarious future.

Read how to protect yourself from the ongoing FTX scam:

FTX Users to be Aware of Withdrawal Scam Targeting Claimants

Read more about Cardano’s latest DEX, AXO:
Cardano DEX Trailblazer AXO Makes Public Debut

Source link:




How Qatar used a secret deal to bind itself to the EU Parliament – POLITICO

Press play to listen to this article Voiced by artificial intelligence. In February 2020, Eva Kaili, the European Parliament’s high-flying vice president, was on stage...

Kings reach 20 wins in fewest games since 2004-05 season after beating Jazz

Beam Team fastest Kings squad to reach 20 wins since '04-05 originally appeared on NBC Sports BayareaThe Kings’ 2022-23 team is more than...

When Rafael Nadal stole Roger Federer’s Masters 1000 record

Rafael Nadal fractured his left rib in the Indian Wells semi-final against Carlos Alcaraz. Rafa stayed away from the court until May,...

Keeping Forbidden Stories And Journalists Alive

Over the last five years, more than 300 journalists worldwide have been tragically killed. Ashoka Fellow and investigative reporter Laurent Richard founded Forbidden...

Wrapped Crypto: How Does wBTC Bring Deeper Liquidity to DeFi?

Interoperability is a difficult speed bump to overcome in the cryptocurrency industry. In the same...