✔️ Information reviewed and updated in September 2024 by Pedro Martínez González

How will this measure affect users and the crypto landscape in Europe?

In a surprising move, Binance, the world's leading digital currency exchange, has announced the discontinuation of its Visa card program in Europe. This strategic move has been communicated to European users with a message stating that Binance's Visa debit card service will close in the European Economic Area on December 20, 2023.

Launched in 2020, the Binance Card allowed users to spend their cryptocurrency funds stored in their accounts directly at Visa-accepting stores around the world. The news comes after Visa stopped issuing new cards for Binance in July, and Mastercard also ended its partnership with the exchange, marking a major shift in how European users interact with their crypto assets in everyday life. .

The discontinuation of Binance Visa cards raises questions about the accessibility of cryptocurrencies for daily transactions in the region. Binance assures that user accounts will not be affected, but this decision will certainly change the way cryptocurrency holders use their assets for payments.

The issuer of the Binance card, Contis Financial Services, will stop issuing the plastic, according to reports. Contis, a Lithuanian e-money institution, has been a key player in this service, and its withdrawal raises questions about the underlying infrastructure of cryptocurrency cards.

This move comes amid a tumultuous year for Binance, with significant regulatory challenges across various markets. However, there have also been signs of recovery, such as the recent restart of euro trading after securing new partners in the region.

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