Binance, the leading global cryptocurrency exchange, has announced that it will be shutting down its crypto-powered Visa debit card services in the European Economic Area (EEA) in December. The closure of the card does not affect customer accounts, and Binance is encouraging European customers to transition to its crypto payment technology, Binance Pay. The card was initially launched in Europe in September 2020, allowing users to spend and transact with their crypto assets at millions of locations worldwide. While Binance did not provide a specific reason for the closure, the exchange has faced regulatory challenges in various jurisdictions this year. In May, Binance exited the Canadian market due to new regulations, and in June, it was sued by the U.S. Securities and Exchange Commission (SEC) for alleged securities law violations. Additionally, in August, Binance’s partnership with Mastercard came to an end. In September, the exchange announced the sale of its Russian business to a local crypto exchange. Despite these challenges, Binance continues to navigate the evolving regulatory landscape and adapt its services accordingly.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | |
| Sentiment | negative |
| Relevance Score | 1 |
| People | Changpeng Zhao |
| Companies | Binance Pay, Mastercard, European Economic Area (EEA), Binance, Visa |
| Currencies | None |
| Securities | None |
