Topic: Binance Shuts down their Visa Debit Cards in Europe (Read 282 times)

Binance has been under the radar of the Feds in recent times with loads of sanctions and the latest being that given to CZ by the American government.

I see regulatory bodies hitting hard on the big players in the crypto space and taking them down before doing so to their brands. This should be condenment in all fronts and should be stopped to allow for the growth and developement of the space.

You have no idea the solution that these tech companies brings to the table, just because they don't act within the ambit of your proposed laws doesn't make them evil.

And that something bigger did really happen on this year on which we've seen on what are the current happenings on Binance exchange. Regulatory issues are their main problems now and its not really that shocking
that countries had made out those kind of connections or services being used then when legal things do insert in then its not shocking that they would really be trying out to get rid into those things which do have those kind of possible problems and if Binance shuts down their visa debt cards in EU then it wont really be that shocking that it would be always pertain about regulatory issues. We do know that on the time that you do become that too big and become that too noisy already on crypto space or simply having that huge generation of incoming and outgoing tx and making out those crypto related services then
for sure the government would really be having that eyes on you.

Even now, it do really ends up that Binance would be blocked or prohibited here in my country 2 months from now on which it do really sucks considering
that i've been using up this platform for a while now which i do mostly prefer comparing among other exchanges.

That's true and that's why we might find them everywhere regulating and I think it's as early as last year when we've heard the pressure to Binance on their US resident users and then it something like this. And I guess that most countries are going to follow steps that have been taken by the US for each and following countries that has also SEC on their government agencies.

If we look at the past and take the case of the SEC, they always chased those who were not "compliant" or when they found some loophole concerning the imperfect cryptocurrency regulation. Take the example of Bittrex or LBRY, they do get charged by them. Furthermore, yes, I am also aware when it comes to bull run, many eyes will be looking into the space, so the regulation pressures will likely increase.

As the cryptocurrency ecosystem becomes more mature, a strict or firm policy will be directed toward this space. There is a lot of interest and motive from authority to control this space.

Yes, that doesn't exempt the others from the compliance that the regulators might ask them. While there can be a lot of these advisories that are going to come in the bull run. As of now, that's all what they need to make based on the situation that Binance is dealing with them.
Well then, we're going to see if something different might come then after they're done with Binance. All the compliance were done, each country has their own rule towards them, so that's it.

Looking at the current Binance position on the market, surely the urgency or priority from the regulator is more concerning to them compared to others. But that doesn't exclude others to comply with the applicable regulation in the meantime, at some point in time, the authority will look back and demand clarity of how the business operates. If turns out they were not compliant in the past, I believe the SEC will take the matter into account.

As of now, I agree this is a wake-up call specifically for businesses in the cryptocurrency ecosystem to carefully and thoroughly reflect whether they meet the applicable regulator or policy, or not.

That's right but for now, they're the center of attraction and I think that will serve as a warning for the other known and big exchanges that has a lot of customers from those countries that have issues with them. It's like that they're giving a sample through Binance and if the others won't comply immediately or they will turn themselves blind from this, maybe they will be the next ones that will be put into hot seat by the SEC. Yeah, only time will tell when.

If regulatory pressures are mandated and become more strict, the issue won't be experienced specifically for Binance, but also for other services that still don't comply with regulatory needs. Each government surely will attempt to make policies to govern and control borderless things like cryptocurrency, as soon they get rigid regulation, they will try to limit and request compliance for any centralized services that serve their own users.

Time will tells, and they would simply just wait before their turns come to follow any applicable and required policy and regulation concerning the matter.

Crypto Industry will face hurdles but it is not possible to control it. It is likely that crypto industry will keep growing and witness new trends.

It seems that we're going to see Binance everywhere to have issues, they're targeted by the regulators and it all means that they need to register for each of those jurisdictions one by one. Although they are an international brand and their operations are globally, that makes sense for them to be followed everywhere because of the revenue that they're getting for each of the customers where they are not registered. Name their services, visa debit cards, the exchange itself, anything.

Unsurprising, the pressure on Binance to give up data about their user base and comply with stricter regulations was pretty heavy all over this year

In the past the authorities have targeted the "bridges" between crypto ecosystem and traditional finance, like the credit and debit cards you can top up with crypto (there were several  before BTC's last ATH) when trying to apply pressure over the business in the ecosystem, they still see it as the best choke point, binance may be more resistant to the lack of a CC option than other services, since their so called "P2P" service is very popular among users and mainly used to transfer stablecoins, the "easier" tokens to be accepted by the general public

By the way, european users had a early warning about increasing restrictions back in the first semester when binance "almost" delisted the privacy coins

I had previously predicted that this would make the circulation of money in the world even more distorted.  Those who really know it will definitely understand it functionally.

Yes probably it was related to that and we cant forced Binance to continue if theres a consequence to it. Too bad for the people who are fond of using that maybe this can be fixed in the future if both parties can remedy the issue on taxation or any regulation when it comes to digital asset. The only downside is the community who are enjoying the perks of convenience.

Yeah, it was handy, but it was also complex taxation nightmare. I am thinking it's over for binance card. I am certain that they tried everything and this was the end result. Also i think they would have mentioned that they are still negotiating or even optimistic about it if there was a change.


By "them" i was referring to FATF for example. And obviously regulators are now fixated on binance as other crypto cards are still free to use in EU

That's what I also read—that they were running without a valid license. I haven't read that from Binance, though, but from third-party sites. Supposing that it's true, I don't understand why a huge corporation like Binance chose to operate without one, putting a risk on their business and their credibility. Ultimately, they've been found to be breaking multiple EU and US regulations, and they're now being targeted with a valid reason. I highly doubt that a solution is going to be found; they only mentioned using alternative methods, such as Binance Pay, which is not even remotely close to what the debit card serves.

I had bought approximately a whole coin to take advantage of the 2% cashback, but now I'm considering selling it and swapping to Bitcoin.

Thats unfortunate mate. Even my girlfriend who stays there at EU are now worried since she is using the binance card for her stuff there and crypto payment. Isnt that she can used her card now but the convenience binance card giving is really good. Anyway maybe this is temporary and somehow Binance could get it back or fix if there are some issues lies within.

Who are they? The authority? Without a doubt, a crypto off-ramp that is connected to a card network processor, whether it is Visa or Mastercard, will demand user identity as a prerequisite. So I believe the reason to prevent them from tracking the user is out of the question.

However, if the issue they operate without regulatory certainty is true, then it is likely, that it's the culprit they stopped from serving their EU customer. Which we would agree the regulators are now closely watching cryptocurrency-related platforms and services under more scrutiny.

Yes, that is sad news. I used the card very often for purchases, even stationary ones. The e-mail stated that it affected a small number of people, but apparently they did not want to spread panic. I hope they come back with a new entity.

To be honest, this sucks. I had ordered their card a few years ago; not only was it free, but I had also received a $5 USDT bonus on my spot account. I didn't frequently use it, but it was handy to have it at any time since I always had an available balance on my account. It generally was a useful and convenient service, with minimal fees and a cashback loyalty program that was quite reasonable; with a single BNB, you could get up to 2% cashback in BNB in every transaction, which is not bad if you ask me.

However, it seems to me that Binance has been facing more and more issues in the past year: first the SEC lawsuit, then Euro deposits were ceased, and now it's announcing the end of their debit card program, which, in my opinion, is attracting a lot of users. From what I've just read in another article, it claimed that they were running the program without a valid license. I'm wondering if that will also have an impact on BNB's price, quite possibly. I'm not sure of the available alternatives at the moment; Crypto.com is certainly one of them, although to start receiving cashback rewards, you need up to €350 of CRO locked in, for just 1% return, and for 2%, up to €3.500; that's a lot.

https://www.financemagnates.com/cryptocurrency/binances-visa-debit-card-services-in-europe-to-end-by-december/

P.S I believe this thread should be in Service Discussion in general, not in the altcoin section.

Binance just announced that their visa debit cards will stop working in Europe after 20. December 2023.

Accounts (even in in EU) are still safe, it's just their handy visa payment method that needs more alternatives to fill the gap. Crypto.com card keeps still working in EU, which makes me think that they are just after binance now. If i needed to give an educated guess, i would guess that binance might have made it harder for them to track down users. And since their actions and userbase is too opaque, eu kicks their cards out.

I am sensing more regulatory issues coming up as this is clearly just a one symptom of something bigger.

source:
https://www.binance.com/en/support/faq/frequently-asked-questions-on-binance-card-eea-program-closure-d6c54984df904db7a0705f2914827381