Binance Discontinues Supporting Visa Debit Cards in Europe
Binance has made an official announcement stating the suspension of its Visa debit card services in the European Economic Area. This means that Binance will no longer issue or support Visa debit cards for its customers in this region. Owners of Binance Visa cards can continue to use them until December 20th of this year. Furthermore, they can reissue the card until December 6th. It’s important to note that this change will also impact Ukrainian refugees’ cards.
As an alternative to the Visa debit cards, Binance offers the Binance Pay service, which allows users to make secure crypto payments.
The Binance Card, originally launched in the spring of 2020, provided users with a unique opportunity to make purchases in Bitcoin and Binance Coin (BNB) in a wide array of stores across 200 countries. Customers were granted access to a crypto wallet linked to a Visa debit card and allowed to automatically convert their crypto assets into fiat currency. In September of the same year, Binance Visa cards became available to customers in Europe.
The representative of the exchange has mentioned that despite the substantial number of Binance Visa debit card owners, only approximately 1% of customers will be impacted by this change. Users have received emails inviting them to start using Binance Pay.
Additionally, Binance has clarified that disabling Visa cards will not have any adverse effects on user accounts or their cashback rewards. However, to continue making recurring purchases and subscriptions, users will need to register a new card.
Earlier, Binance entered into agreements with several payment service providers to facilitate euro deposits, payments, and withdrawals for European users. This aims to streamline the process of transferring cryptocurrency to and from fiat currencies, providing convenience and speed to users in Europe.