Binance, the world's largest cryptocurrency exchange by transaction volume, announced that it will stop offering Visa debit card services in Europe. This change, which affects approximately 1% of Binance users, will go into effect on December 20, according to a blog post on the company's own support website.
The Binance Visa debit card allowed users to convert and spend cryptocurrencies at more than 60 million online and offline merchants worldwide. This service was especially popular in European countries such as France, Germany and Spain.
“With Binance Card, European residents can convert and spend cryptocurrencies at more than 60 million online and physical stores,” the company had previously said. In addition, Binance also offered cashback bonuses with the card.
However, this decision comes at a time when other traditional financial institutions such as PayPal are increasing their interest in digital currencies.
Crypto debit cards became popular during the last crypto bull, with different options being introduced by everyone from Binance to Coinbase to Gemini. Binance Visa Card was launched in Europe in September 2020.
*This is not investment advice.
