Binance recently announced its decision to discontinue Binance Card services in Europe by December. This development follows Binance’s move to reinstate Euro payments for its European clientele.
On October 20, Binance made public its intention to discontinue card services for customers in the European Economic Area (EEA), encompassing EU nations and countries like Iceland, Liechtenstein, and Norway. While Binance didn’t specify the rationale behind this decision, it assured users that their accounts would remain unaffected.
Binance Card Services
Binance Visa Debit Card holders in the EEA region will have until December 20, 2023, to use their cards. After this date, card-based purchases will no longer be possible.
Binance advises users to explore Binance Pay for their payment needs going forward. Importantly, this discontinuation pertains to all card services in the region, including the Ukraine Refugee cards. However, Binance notes that users will still receive cashback as usual.
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Binance’s choice to discontinue these card services coincides with the earlier termination of its partnership with Mastercard in August, a decision that was not publicly explained.
Resumes Euro Payments
Meanwhile, BInance’s latest move coincides with its recent efforts to restore Euro payment services for its European customers.
On October 19, Binance announced a strategic collaboration with various FIAT partners to expand financial freedom for European users. These partnerships enable the partners to facilitate EUR payments, deposits, and withdrawals.
Binance states that the FIAT partners will offer options for buying and selling cryptocurrencies through Open Banking, SEPA instant transfers, bank cards, fiat balances, and spot pairs for all users.
It would be recalled that Binance’s former Euro payment partner, PaySafe, stopped providing services to the exchange last month. At the time, several Binance users complained about their inability to withdraw Euros from their accounts.
Regulatory Struggles
Despite these developments, Binance continues to face regulatory issues in the region.
Binance has recently withdrawn from various European markets, including Austria, the Netherlands, and Cyprus, and has also abandoned its licensing applications in Germany over the recent months.
Furthermore, the crypto platform has also stopped accepting users in the United Kingdom due to the implementation of new advertising regulations. It should be noted that the U.K. is no longer part of the European Union.
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