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Several reports have revealed that Binance, which is recognized as the leading crypto exchange by trading volume, intends to discontinue its Visa crypto card on December 20, 2023. The enterprise emphasized that only a “small number of Binance users” would be affected by this development.
In 2023, crypto debit cards have been falling out of favor rapidly, triggered in part by a series of bankruptcies that ignited a crypto bear market. Back in March, Bitpay in the U.S. phased out its prepaid Mastercard program, although it assured users of a renewed card service on the horizon. However, this week, holders of the Binance Visa card were informed via email that the card would cease to be functional by the close of the year.
The email communicated that the Binance Visa card would become non-operational post-December 20, 2023. The Binance Visa, which was available to users in Europe, was utilized by individuals across various countries including Austria, Belgium, Bulgaria, Croatia, France, the Czech Republic, and Finland, among others. Binance has suggested that cardholders can switch to Binance Pay for their shopping needs, provided the service is accessible in their region.
The email also clarified that, despite the changes, Binance accounts would remain unaffected and continue to operate as usual. A lively discussion about the Binance Visa card issue has taken place on social media. “Binance shutting down their Visa card,” one person said. “The [Gnosis Pay] card cannot come soon enough! wen shipping?” Another user expressed indifference towards the shutdown, expressing a preference for the Crypto.com Visa card instead.
