Three years after its launch, Binance stops issuing Visa co-branded cards in the European Economic Area.

Binance initially launched a Visa co-branded card in September 2020, and the product only survived for a little over three years in Europe.

Binance Suspends Visa Co-Branded Cards in the European Economic Area

According to an announcement by Binance on October 20, holders of Binance Visa cards issued under the EEA (European Economic Area) program will not be affected in terms of their Binance accounts, but the following will be impacted:

• Cardholders with Ukrainian refugee status will also be affected.

• Starting December 20, 2023, at 00:00 UTC, credit card transactions will no longer be possible.

• Users will need to register for a new card with the respective merchants and businesses to replace the Binance Visa card, or else transactions will fail.

Binance notes that replacement cards can still be issued to users who have lost their cards before December 6.

For users eager to spend their cryptocurrencies in their Binance accounts, Binance recommends using Binance Pay for cryptocurrency payments.

Mastercard and Visa Terminate Partnership with Binance

In fact, as early as August this year, both companies have gradually stopped issuing Binance co-branded cards in specific regions.

Mastercard:

• Brazil

• Bahrain

• Argentina

• Colombia

At that time, Bloomberg reported that Visa had stopped issuing new co-branded cards with Binance in Europe since July.

Mastercard and Visa, the two major card issuers, have terminated their partnerships with Binance, further isolating Binance from traditional financial institutions.