Binance decides to terminate Visa card services in Europe
Following the termination of its partnership with Mastercard, the leading cryptocurrency exchange Binance will also end its Visa card services in the European Economic Area.
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According to the company's statement, cardholders will be able to continue using their cards until December 20. The Binance Visa card allowed users to spend their cryptocurrencies by converting them into fiat currency.
Binance had used the following statements in its card promotion:
“With the Binance Card, European users can spend by converting their cryptocurrencies at more than 60 million online and physical stores”
Regulatory pressure is affecting the company's operations
The regulatory pressure on Binance is resulting in many traditional financial companies ending their partnerships with Binance. Mastercard announced last September that it had ended its Binance Card partnership in Latin America and Bahrain.
Similarly, Paysafe has also joined the companies that have ended their partnership with Binance.