Despite Expanding Partnerships, Binance Sees Hit To Presence In Europe After Discontinuing Visa Debit Card

In yet another step that will curtail its European presence, Binance BUSD/USD announced that it will not offer its Visa V debit card in Europe anymore.

Existing holders of the European Economic Area card will have access until Dec. 20, as the company revealed in its blog post. Binance accounts of the users will not be affected, but card purchases will not be possible.

The Binance Visa debit card converts crypto in users’ Binance accounts into local currencies, enabling the use of crypto to pay for purchases in stores and online.

Binance hinted to users that, in the meantime, they can use Binance Pay to shop with crypto and send crypto to merchants who accept it. Binance Pay is a contactless, borderless and secure crypto payment technology.

Recently, Mastercard and Visa pulled the plug on their card partnerships with the legally tangled Binance. In July, Visa stopped issuing new co-branded cards with Binance in Europe. In August, Mastercard announced that it would discontinue its Binance-branded cards in Latin America and the Middle East.

Also Read: Legally Tangled Binance Unveils First Likely Choice For Altcoin Listing

The debit card news comes on the heels of Binance looking at new partnerships for euro transactions, which were halted following Paysafe’s decision to stop processing euro deposits for Binance users. 

Binance is currently juggling regulatory issues, shaking up its portfolio with additions and deletions of trading pairs, executives leaving the company, new partnerships and exits from certain geographies. 

Benzinga’s Future of Digital Assets conference is scheduled in New York on Nov.14. Attend and learn more about exchanges and their payment options. The gathering is seen as pivotal for the digital assets’ community. The event will spotlight the latest trends, innovations, and challenges in the digital asset realm.

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