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Binance is shutting down its crypto-powered Visa debit card in Europe.<\/p>\n
The top global crypto exchange by trading volume says<\/a> Binance Card services will stop working in the European Economic Area (EEA) in December.<\/p>\n Binance notes that customer accounts won\u2019t be impacted. The exchange urges European customers to transition to Binance Pay, the company\u2019s\u00a0crypto payment technology.<\/p>\n And here goes the #Binance<\/a> Visa Debit Card!<\/p>\n First Paysafe providing EUR on\/offboarding, now Contis providing the debit card, what’s next? pic.twitter.com\/e7EF7G7CVN<\/a><\/p>\n \u2014 Michael ??S?? (@M_affirmed) October 20, 2023<\/a><\/p>\n<\/blockquote>\n Binance first rolled out<\/a> the card in Europe in September 2020, enabling its customers to use the crypto assets in their exchange accounts to spend and transact at more than 60 million locations around the world.<\/p>\n The exchange did not provide a reason for shuttering the card, though the company has faced an onslaught of regulatory issues in jurisdictions across the globe this year.<\/p>\n Binance announced its departure<\/a> from the Canadian marketplace in May, citing new stablecoin and investor limits regulations that the exchange said made doing business in the country \u201cuntenable.\u201d<\/p>\n In June, the U.S. Securities and Exchange Commission (SEC) sued<\/a> Binance, the company\u2019s CEO Changpeng Zhao and Binance.US, alleging that the firms were violating securities laws.<\/p>\n In August, a Mastercard spokesperson told<\/a> Reuters that the payments giant was ending its partnership with Binance.<\/p>\n In September, Binance said<\/a> that it would be selling the entirety of its Russian business to local crypto exchange CommEX, claiming that operating in the country no longer appeared compatible with the firm\u2019s business model. No specific details were given.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>\n
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