Due to regulatory scrutiny and cost-cutting, Binance Visa debit card services in Europe will be discontinued. Existing cardholders may continue to use their cards until December 20, per BBG.
According to reports, Binance will discontinue its Visa debit card service in Europe.
The decision comes as Binance faces intensifying regulatory scrutiny and withdrawals from major financial partners.
Existing cardholders within the European Economic Area will be able to continue using their cards until December 20.
However, the Binance Visa Card is no longer accepting new applications.
This adjustment will affect approximately 1% of Binance’s user base, according to a Binance spokesperson.
Meanwhile, the Binance Visa Card enabled users to convert and spend cryptocurrencies at over 60 million online and offline merchants globally.
It was made accessible to users in Europe, including France, Germany, and Spain.
Since July, Visa has discontinued the issuance of new co-branded cards with Binance in Europe, reducing Binance’s partnership with Visa.
The move is in response to mounting regulatory pressure from US authorities, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) on Binance in recent months.
The SEC has filed a lawsuit against Binance and its CEO Changpeng Zhao, for securities rule violations.
At the same time, the CFTC has accused the company of violating regulations by allowing American users to access the exchange.
Binance has struggled to maintain relationships with conventional financial institutions.
Earlier this year, it was cut off from the US banking system and lost the ability to accept certain bank transfers in Australia.
Binance has also discontinued its Binance Connect service, which allows merchants to accept crypto payments via Visa and Mastercard.
In addition, the company has experienced several executive departures, including the recent departure of Saulius Galatiltis, CEO of Bifinity UAB, a payment processor affiliated with Binance.
