Binance plans to end its debit card service in the European Economic Area (EEA) on December 20, 2023, an official announcement outlines the decision, which will not affect Binance accounts.。

The move comes as cryptocurrency exchanges grapple with regulatory pressures and challenges, reflecting the megatrends of the cryptocurrency industry.。Binance Visa debit card issuer Contis Financial Services plans to stop issuing debit cards。Contis is an electronic money institution and currency exchange operator under the Solaris Group.。

"Binance accounts will not be affected," Binance said.。"Holders of Binance Visa debit cards issued under the EEA program can use them until 00: 00 (UTC + 0) on December 20, 2023, after which they will no longer be able to make card purchases."。"

Alternative service recommendation

While Binance's debit card service in the EEA is coming to an end, it has promised an alternative solution for its users.。In a statement, Binance recommended Binance Pay, a cryptocurrency payment technology, to its users for shopping with cryptocurrencies at supported merchant outlets.。

Binance launched its Binance Visa debit card in the European Economic Area in 2020, which allows users to exchange and consume digital assets in more than 60 million locations worldwide.。The European Economic Area includes all 27 EU member states, as well as Iceland, Liechtenstein and Norway.。Despite its widespread adoption, Binance notes that only a small percentage of users (about 1%) will be affected.。

Responding to regulatory review

Prior to this decision, Binance and its U.S. subsidiary Binance.US has gone through a series of twists and turns。Recently, Binance.US announces US users can only withdraw dollars by converting fiat currency into stablecoins。In June, the platform suspended dollar deposits and warned of an impending suspension of withdrawals.。

Binance Visa debit cards operate similar to traditional debit cards, but have cryptographic features that allow users to hold digital assets such as BTC, BNB, and BUSD.。The card is connected to the card wallet in the Binance account and the user can replenish funds from the spot wallet。

Binance Visa Debit Card converts cryptocurrency funds to local currency for instant transactions while shopping。The service, which was terminated after Binance resumed euro deposits and withdrawals, has been unavailable for a month due to the withdrawal of payment processor Paysafe.。