Impact

Binance Visa debit card services in the European Economic Area (EEA), are set to cease operations on December 20. 
<h2 id="span-style-font-weight-400-no-impact-on-binance-accounts-span">No Impact on Binance Accounts</h2> 
According to an <a href="https://pbs.twimg.com/media/F849hmgXcAAiUcz?format=png&amp;name=small">announcement</a> made by the cryptocurrency exchange on October 20, the closure of Binance Visa debit card services in the EEA, which encompasses all 27 member states of the European Union, in addition to Iceland, Liechtenstein, and Norway, will not impact the exchange accounts. 
<h3 id="span-style-font-weight-400-card-issuer-to-discontinue-issuance-span">Card Issuer to Discontinue Issuance</h3> 
As per the <a href="https://cointelegraph.com/news/binance-shutting-down-european-visa-debit-card-december">report</a>, Binance revealed that its card issuer, Finansinės paslaugos “Contis,” which is also known as Contis Financial Services, will discontinue card issuance.&nbsp; 
Notably, the termination of Binance Visa card services was announced one day after the exchange reinstated euro deposits and withdrawals. These services had been unavailable for a month due to the payments processor Paysafe severing ties with the exchange. 
Moreover, in September, <a href="https://thecoinrise.com/binance-mastercard-end-crypto-card-deal-in-latin-america/">Mastercard terminated its partnership with Binance</a> in several countries, including Argentina, Brazil, Colombia, and Bahrain. The decision to end this collaboration was speculated to be driven by increased regulatory scrutiny and concerns. 
<h2 id="span-style-font-weight-400-binance-faces-numerous-challenges-span">Binance Faces Numerous Challenges</h2> 
In recent weeks, <a href="https://www.reuters.com/technology/binance-cant-be-supervised-properly-says-uk-financial-watchdog-2021-08-25/">Binance has encountered a series of challenges</a> in Europe, notably in France. Various news outlets have reported that the company is currently being probed by French authorities, resulting in heightened regulatory scrutiny. The exchange has acknowledged that its offices were visited by officials in June, indicating a more concerted regulatory push to examine the exchange’s activities.&nbsp; 
<h3 id="span-style-font-weight-400-expansion-in-the-eu-span">Expansion in the EU</h3> 
In July, the world’s largest crypto exchange, revealed <a href="https://thecoinrise.com/binance-seeking-eu-policy-officer-to-address-difficulties-in-the-region/">plans to hire a European policy officer</a>. This role was dedicated to navigating the regulatory landscape in Europe and implementing compliance measures specifically tailored to the European market. 
Furthermore, <a href="https://thecoinrise.com/binance-gets-marching-orders-out-of-the-belgian-market/">Belgium’s financial markets regulator</a> has issued a directive to Binance, instructing it to stop providing cryptocurrency services in the country due to concerns about compliance. The firm’s exit from the <a href="https://thecoinrise.com/binance-exchange-fined-by-the-dutch-central-bank-for-illegal-operations/">Netherlands added to its growing regulatory issues</a> as it was unable to obtain the required authorization to conduct operations in the country. 
The post <a rel="nofollow" href="https://thecoinrise.com/binance-sunsets-visa-debit-card-services-in-the-eea/">Binance Sunsets Visa Debit Card Services in the EEA</a> appeared first on <a rel="nofollow" href="https://thecoinrise.com">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Binance Sunsets Visa Debit Card Services in the EEA

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