The world’s leading cryptocurrency exchange by trading volume says Binance Card services will stop working in the European Economic Area (EEA) in December.
Binance notes that customer accounts will not be affected. The exchange encourages European customers to transition to Binance Pay, the company’s crypto payments technology.
Binance first launched the card in Europe in September 2020, allowing its customers to use the crypto assets in their exchange accounts to spend and transact at over 60 million locations worldwide.
The exchange did not provide a reason for the card’s closure, although the company has faced a number of regulatory issues in jurisdictions around the world this year.
Binance announced its exit from the Canadian market in May, citing new stablecoin regulations and limits on investors that the exchange said made doing business in the country “unsustainable.”
In June, the US Securities and Exchange Commission (SEC) sued Binance, the company’s CEO Changpeng Zhao, and Binance.US, alleging that the companies were violating securities laws.
In August, a Mastercard spokesperson told Reuters that the payments giant was ending its partnership with Binance.
In September, Binance said it would sell its entire Russian business to local cryptocurrency exchange CommEX, claiming that operating in the country no longer seemed compatible with the company’s business model. No specific details were provided.