Binance Debit Card for European customers is being discontinued: What this means for the cryptocurrency BNB

Binance Debit Card for European customers is being discontinued: What this means for the cryptocurrency BNB

According to a report by www.computerbase.de, crypto exchange Binance announces that its in-house Visa debit card will be discontinued in December. This change affects all customers in the European Economic Area (EEA). The discontinuation of the card could also have an impact on the cryptocurrency BNB.

The turmoil for Binance’s European customers continues. The exchange already lost its long-time Fiat partner Paysafe a few weeks ago, but recently returned with the resumption of Euro services. Now Binance is surprising customers again with the announcement that the long-standing crypto debit card with partner Contis Financial Services Limited will be discontinued on December 20, 2023. Users are encouraged to switch their payments to other credit or debit cards. However, the existing credit will not be lost, as only the debit card service will be terminated.

Binance's crypto card has been advertised since September 2020 with attractive rewards such as up to eight percent cashback. However, this required an investment in its own cryptocurrency BNB. The card could be loaded with euro or crypto amounts and the cashback was credited in the form of BNB within a few days. It is unclear how the end of the debit card will affect the price of BNB. However, Binance says that only a small number of users are affected by this change.

Binance Card users may be able to switch to other crypto debit cards with cashback, such as Nexo, Plutus or Crypto.com. However, these also require investment in their own cryptocurrencies, which can be challenging given the current bear market.

The discontinuation of the Binance credit card marks the end of an era in which a lot of money was invested in the crypto markets and highly speculative tokens. A lot has changed since the DeFi summer of 2020, and there have already been similar adjustments on other exchanges, such as Crypto.com, where cashback rates have been reduced.

For the German market, the end of the Binance debit card means there will no longer be another option to receive cashback for everyday payments. It was previously announced that Amazon Prime Visa would also cease operations. There are only a few equivalent alternatives on the German market, which makes it almost unavoidable to forego cashback on traditional credit cards.

Overall, it shows that the discontinuation of the Binance debit card could have an impact on the market and the financial industry. Customers will now have to look for alternatives and the adjustments could affect the price of the cryptocurrency BNB. It remains to be seen how this step will impact the crypto market and the availability of cashback cards in Germany in the long term.