March 29, 2024

Binance Exchange Launches Delivery of Debit Cards to Residents of the European Economic Area

The largest cryptocurrency exchange Binance has started delivering its debit cards to customers living interritory of the European Economic Area.In connection with this joyful event, support for payments in Ethereum was announced to customers. An announcement with details was published on the trading platform's official blog.

According to information published by Binance, users who have started the card issuance process can proceed to the final stage and wait for delivery.

Binance Card is issued in the Visa payment systemto pay for services and goods in 46 million enterprises. The company stressed that the tool works like a traditional debit card and requires users to manually convert cryptocurrencies to fiat before making a purchase. The physical Binance Visa card limits the daily spending limit to 8,700 euros, and withdrawals from ATMs must not exceed 290 euros ($ 350). As promised, 8% cashback is available to customers, commissions will not be charged until 2021.

Binance Card Crypto Debit Cardwas officially launched in Europe and the UK in mid-July of this year, at first Binance Visa virtual cards were available to clients. Those wishing to receive a physical card were asked to wait a little.

To launch a crypto map, Binanceacquired a startup Swipe at the end of June, which provides a multi-currency crypto wallet and debit cards in the Visa system with the ability to convert digital currencies into traditional ones. The cards are issued by Contis Financial Services Ltd, a Visa network licensed by the UK Financial Conduct Authority. Swipe services are currently available in 31 European Union countries including France, Germany, Italy and Spain. Swipe does not operate in the US, but the company plans to offer its services to the US market soon after its licensing and registration process is complete.

Since the announcement of their plans to releaseBinance Visa cards in April 2020 Binance is actively promoting a new product. Following the announcement of the card in the European Economic Area, Binance announced its intention to expand its operations worldwide and launch its crypto debit card in countries like Russia.

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