Binance is shutting down its crypto-powered Visa debit card in Europe.
The top global crypto exchange by trading volume says Binance Card services will stop working in the European Economic Area (EEA) in December.
Binance notes that customer accounts won’t be impacted. The exchange urges European customers to transition to Binance Pay, the company’s crypto payment technology.
Binance first rolled out the card in Europe in September 2020, enabling its customers to use the crypto assets in their exchange accounts to spend and transact at more than 60 million locations around the world.
The exchange did not provide a reason for shuttering the card, though the company has faced an onslaught of regulatory issues in jurisdictions across the globe this year.
Binance announced its departure from the Canadian marketplace in May, citing new stablecoin and investor limits regulations that the exchange said made doing business in the country “untenable.”
In June, the U.S. Securities and Exchange Commission (SEC) sued Binance, the company’s CEO Changpeng Zhao and Binance.US, alleging that the firms were violating securities laws.
In August, a Mastercard spokesperson told Reuters that the payments giant was ending its partnership with Binance.
In September, Binance said that it would be selling the entirety of its Russian business to local crypto exchange CommEX, claiming that operating in the country no longer appeared compatible with the firm’s business model. No specific details were given.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxFeatured Image: Shutterstock/DanieleGay