In a recent announcement, Binance, the prominent cryptocurrency exchange, revealed that it will discontinue its Visa debit card services in the European Economic Area (EEA) starting December 20. The closure, as detailed in a letter to customers posted online, is attributed to the cessation of card issuance by Contis Financial Services, the issuer of the Binance card.
Contis Financial Services, based in Lithuania, is an electronic money institution and currency exchange operator under the ownership of the German banking-as-a-service platform Solaris Group. Active in 30 European countries, Contis has been the driving force behind the Binance Visa debit card in the EEA.
The Binance Visa debit card, introduced in September 2020, facilitated the conversion of cryptocurrencies held in users’ Binance accounts into local currencies. This functionality allowed users to seamlessly utilize their crypto assets for both in-store and online purchases. The affected region includes all 27 European Union member states, along with Iceland, Liechtenstein, and Norway.
Binance clarified that user accounts on the platform will remain unaffected despite the discontinuation of the Visa debit card services. The initial launch of the Binance card in the EEA was accompanied by plans to expand its availability to Russia and potentially the United States. However, the current decision seems to limit its presence in the European market.
