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- Binance ceases its Visa debit card services across the European Economic Area (EEA).
- Till December 20, users can use their existing physical or virtual cards.
- The move came as a result of a decision by Contis Financial Services, the card issuer for Binance’s Visa debit card.
In a surprising turn of events, Binance has proclaimed that the platform will shut down its Visa debit card services across the European Economic Area (EEA) from December 20, 2023. This groundbreaking move has been a result of a decision by Contis Financial Services, a Lithuanian-based electronic money institution, which serves as the card issuer for Binance’s Visa debit card.
In an official announcement posted on October 20, Binance disclosed the discontinuation of its Visa debit card services. However, the company has clarified that the users could use the existing physical or virtual cards until December 20. Binance has also assured that the Binance accounts will not be affected by the move.
Chinese reporter Colin Wu on his X account Wu Blockchain shared updates on Binance Visa debit card service’s closure in EEA. He shed light on the complete cessation of the services after December, when “card purchases will no longer be possible”.
Binance Visa card services will no longer be offered in the EEA, holders of the Binance Visa Debit Card issued under the EEA program will have until 20 December 2023 00:00 (UTC+0) to use their cards, after which card purchases will no longer be possible. https://t.co/2Js6sQbLPu— Wu Blockchain (@WuBlockchain) October 21, 2023
Binance’s Visa debit card services were used to convert the cryptocurrencies in the user’s Binance account into local currencies, for a more convenient use in regional stores. According to the statement from Contis Financial Services, “a small number of Binance users” will be affected by the suspension of the debit card services.
And here goes the #Binance Visa Debit Card!First Paysafe providing EUR on/offboarding, now Contis providing the debit card, what's next? pic.twitter.com/e7EF7G7CVN— Michael ⚡️S⚡️ (@M_affirmed) October 20, 2023
As per reports, the move would affect approximately 1% of Binance’s global users, including community members from about 40 European countries like Germany, Austria, Poland, Italy, Spain, and France. In addition, it could also impact the Ukrainian Refugee Crypto Cards program. Nonetheless, the company assured that users can continue transactions via the Binance Pay app.
Notably, the suspension of the debit card services followed a series of challenges that Binance has undergone over the past few weeks. One such recent incident was the cessation of euro transactions following Paysafe’s withdrawal from processing EUR deposits for its users. However, Binance reinstated euro payments, deposits and withdrawals to EU customers yesterday.
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