Binance to Discontinue Visa Offering by Year’s End
Reports have surfaced indicating that Binance, the leading crypto exchange in terms of trading volume, plans to discontinue its Visa crypto card by December 20, 2023. However, this decision will only impact a small number of Binance users.
Falling Out of Favor: Crypto Debit Cards
Crypto debit cards have been losing popularity in 2023, partly due to bankruptcies that triggered a bear market for cryptocurrencies. In March, Bitpay phased out its prepaid Mastercard program in the U.S., but promised users a new card service in the future. Now, holders of the Binance Visa card have received an email notifying them that the card will no longer be functional by the end of the year.
Impacted Users and Alternative Options
The email sent to Binance Visa cardholders stated that the card will become non-operational after December 20, 2023. The Binance Visa was used by individuals in various European countries such as Austria, Belgium, Bulgaria, Croatia, France, the Czech Republic, and Finland. Binance has suggested that affected users can switch to Binance Pay for their shopping needs if it is available in their region.
Discussion on Social Media
Social media platforms have seen discussions about the discontinuation of the Binance Visa card. Some users expressed their eagerness for alternative cards like Gnosis Pay, while others showed indifference and preferred the Crypto.com Visa card instead.
Hot Take: Impact on Binance Users
Binance’s decision to discontinue its Visa crypto card may only affect a small number of users. While this move aligns with the declining popularity of crypto debit cards in 2023, it also presents an opportunity for users to explore alternative payment options such as Binance Pay or other crypto debit cards available in their region.
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