Binance crypto exchange has confirmed that it will end its Visa-powered crypto card services in all EU member states.
Binance is a highly regarded crypto exchange. This fair was launched in 2016 under the leadership of Changpeng Zhao (CZ) & Yi He. Currently, CZ is the CEO of this exchange and Binance actively provides services in several countries, either directly or through its subsidiaries.
On October 20, 2023, Binance crypto exchange published a blog announcement and confirmed that it will be discontinuing its Visa crypto card services in all European Union (EU) countries.
The Binance Visa Crypto Card allows Binance customers to exchange their crypto assets within the Binance account directly into fiat currency to use to pay for goods and services via direct card payment.
According to the announcement, these cards will no longer function from December 20, 2023 at 00:00 (UTC+0). The company’s decision will not have any negative impact on the Binance customer accounts and also the Binance team suggested people use BinancePay in a payment service where the registered Binance merchants accept it.
According to some media reports, Binance has made this bitter decision because UAB “Finansines passages ‘Contis’”, the issuer of the Binance Visa Debit card, is canceling the program in the next two months.
This latest bad news about Binance’s one of its core services is proof that Binance Exchange is constantly facing new regulatory challenges worldwide and this will not stop until all countries introduce a single crypto regulatory framework to regulate and mandate crypto licensing systems for all eligible cryptocurrencies. businesses.
This year, Binance’s US subsidiary, BinanceUS, faced enforcement action from America’s two largest financial regulators, the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC).
BinanceUS’ crypto services are under very high pressure and on the verge of closure as the exchange removed more than 100 crypto assets from the platform following the regulatory actions.
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