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Binance in Troubled Waters as it Halts Crypto Card Service

Each passing day seems to plunge Binance deeper into the storm. While Binance had announced the return of its euro deposit and withdrawal services on its European platform, the company has just announced the suspension of its crypto card service.

Although Binance has regained European partners, it still suffers the sting of losing its partnerships with Visa and Mastercard at the end of last summer. Unfortunately for the company, such an announcement is unlikely to reassure its users about the short-term benefits of using the platform.

Indeed, with the successive loss of executives, the latest being the CEO of Binance France, Stéphanie Cabossioras, and regulatory troubles, Binance is increasingly struggling to save face.

Learn more about: The return of euro deposits and withdrawals? Binance secures new payment partners

Binance suspends its crypto card service

As a reminder, Binance’s crypto card offered holders the ability to spend cryptocurrencies on everyday purchases of goods and services.

The company boasted the ability, through its Binance Card, to “allow European residents to convert and spend cryptocurrencies in over 60 million online and physical stores.”

The discontinuation of this service is inevitably linked to the increasing regulatory pressure weighing on the shoulders of the cryptocurrency exchange. However, the company remains somewhat mysterious about the actual reasons behind this decision.

Specifically, European users of this Binance Visa card will still have the option to continue using their card until December 20th. Please note that for individuals who have recently lost their card and wish to order a new one, the option is still available until December 6th.

This news is particularly difficult for Binance as payment giants seem to only distance themselves from the exchange, but not from the cryptocurrency sector.

For example, Visa recently renewed its interest in the Solana blockchain by announcing its intention to facilitate settlements in USDC stablecoins. In parallel, PayPal has been accelerating its web3 strategy for the past few months and is beginning to offer solutions for cryptocurrency transactions.

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