Binance Discontinues Binance Card Services in Europe
Binance has announced that it will be discontinuing its Binance Card services in Europe by December. This decision comes after Binance reinstated Euro payments for its European customers.
Binance Card Services to End
Customers in the European Economic Area (EEA), including EU nations and countries like Iceland, Liechtenstein, and Norway, will have until December 20, 2023, to use their Binance Visa Debit Cards. After this date, card-based purchases will no longer be possible. However, users can still receive cashback as usual.
If you’re an EEA customer, Binance recommends exploring Binance Pay as an alternative for your payment needs going forward.
Binance’s Partnership with Mastercard Terminated
This move by Binance to discontinue card services coincides with the termination of its partnership with Mastercard in August. The reason behind this decision has not been publicly explained.
Euro Payment Services Resume
At the same time, Binance is making efforts to restore Euro payment services for its European customers. The platform recently announced a strategic collaboration with various FIAT partners to expand financial freedom for European users. These partnerships will enable the partners to facilitate EUR payments, deposits, and withdrawals using various methods such as Open Banking, SEPA instant transfers, bank cards, fiat balances, and spot pairs.
Binance’s former Euro payment partner, PaySafe, stopped providing services to the exchange last month, causing inconvenience for users who were unable to withdraw Euros from their accounts.
Regulatory Challenges
Despite these recent developments, Binance continues to face regulatory issues in Europe. The platform has withdrawn from several European markets, including Austria, the Netherlands, and Cyprus, and has abandoned licensing applications in Germany. Additionally, Binance has stopped accepting users from the United Kingdom due to new advertising regulations. It’s important to note that the U.K. is no longer part of the European Union.
Hot Take: Binance Adapts to Changing Regulations
Binance’s decision to discontinue Binance Card services in Europe while resuming Euro payment services reflects its efforts to adapt to changing regulatory landscapes. By discontinuing card services, Binance is likely responding to regulatory challenges and focusing on alternative payment solutions like Binance Pay. However, the termination of its partnership with Mastercard and ongoing regulatory issues highlight the complexities faced by cryptocurrency platforms in navigating different jurisdictions. Binance’s collaboration with FIAT partners for Euro payments demonstrates its commitment to providing convenient financial services for European users despite these challenges.
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