Binance, the world’s largest cryptocurrency exchange, has announced that it will be shutting down its crypto card services in the European Economic Area (EEA). This decision comes as Binance faces increasing regulatory pressure in various countries. The exchange’s Visa Debit Card Services, which allow users to convert crypto assets into local fiat currencies for purchases, will be terminated in the EEA, including all 27 member states of the European Union, Iceland, Lichtenstein, and Norway. The card program will be canceled by its issuer, UAB “Finansines passages ‘Contis,'” within the next two months. Binance has informed affected customers via email and stated that their accounts will remain unaffected. The exchange has proposed its Binance Pay service as an alternative for users to conduct transactions with registered local merchants. This directive applies to all member states of the EEA, including Ukraine, which has been engaged in a long-lasting conflict with Russia. Binance’s decision to end its Visa card service in the EEA is the latest setback for the exchange, which is currently facing regulatory scrutiny worldwide. In August, Mastercard terminated its crypto card partnership with Binance, leading to the shutdown of the exchange’s card service in Latin America and the Middle East. Binance is under investigation in France and Australia and has been denied operational licenses in Austria, the Netherlands, and Germany. Additionally, the exchange is involved in a legal battle with the US Securities and Exchange Commission (SEC) over criminal charges. Binance.US recently suspended dollar withdrawals, becoming a crypto-only exchange, after the SEC allegedly pressured its banking partners to end their business arrangements.
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 | None |
| Companies | UAB “Finansines passages ‘Contis,’” Mastercard, Binance, Visa, US Securities and Exchange Commission (SEC) |
| Currencies | None Trading |
| Securities | None |
