Binance’s Unceremonious Farewell to the Visa Debit Card

In an unexpected twist on October 20, Binance announced the discontinuation of its Visa debit card services in the European Economic Area (EEA), effective December 20. Picture it as a breakup, but instead of shedding tears, users will be scrambling for their crypto payment alternatives.

The Card That Did It All — Almost

Since its debut in September 2020, the Binance Visa debit card allowed users to convert their crypto holdings into local currencies, making it a handy tool for everyday purchases. Unfortunately, it seems this sweet ride is coming to an end due to its card issuer, Contis Financial Services, pulling the plug on issuance.

Who’s Contis, Anyway?

For those out of the loop, Contis is a Lithuanian electronic money institution and currency exchange operator under the umbrella of Solaris Group, a big player across 30 European countries. But instead of leading the charge for crypto innovation, they’ve decided it’s best to hop off the Binance train.

The Impact: Who Will Miss It?

According to Binance, only about 1% of users will be left holding the empty bag with this service closure. A Binance spokesperson was quoted saying, “Although Binance users from around the world have enjoyed using the card to make day-to-day payments with crypto assets, only around 1% are impacted by this change.” But hey, for that 1%, we commiserate with you!

A Shaky Landscape for Binance

This service termination isn’t the only hurdle Binance has faced lately. It’s like a plot twist in a thriller novel. After a month-long hiatus on euro transactions due to financial issues with Paysafe, users finally saw the return of euro deposits and withdrawals the very day before the card cancellation was announced. Talk about bad timing!

Not Alone in the Struggles

Binance has had a rough patch worldwide—U.S. dollar deposits were suspended in June, a partnership with Mastercard fizzled out in several countries, and onboarding new users in the UK has been stalled due to various regulatory setbacks. It seems Binance is more popular for its trials than its treasures these days.

What Comes Next for EEA Users?

The question on everyone’s mind: what will EEA users do now? As Binance waves goodbye to crypto payments through cards, users may want to explore alternatives such as other crypto debit cards or payment options like P2P transactions. Don’t worry, though; crypto isn’t going anywhere. Just be prepared to adapt a bit!