Will no longer be able to use my Binance Visa debit card?
"Your Binance accounts are not affected," Binance stated. "Holders of the Binance Visa Debit Card issued under the EEA program will have until December 20, 2023, 00:00 (UTC+0) to use their cards, after which card purchases will no longer be possible."
Unfortunately, the Binance card ceased operations in December 2023, citing regulatory reasons. While the card's end of service left users searching for another option, it paved the way for new alternatives to take center stage.
Holders of the Binance Visa Debit Card issued under the EEA program will have until 20 December 2023 00:00 (UTC+0) to use their cards, after which card purchases will no longer be possible.
Transaction declined by the card issuer:
The bank's fraud rules (which consider various factors that are not made public) have been triggered. The bank may have placed a temporary hold on the customer's card. The purchase session may have been locked due to multiple declined payments.
Binance allows users to deposit funds using a debit card through their third-party payment processor, Simplex. There are fees associated with using a debit card on Binance. Simplex charges a fee of 3.5% per transaction or a minimum of $10, whichever is higher.
Binance Visa cards will stop working in the EU and European Economic Area on December 20, 2023. Fortunately, there are alternatives. Let's look at three cryptocurrency cards that can continue to be used in 2024.
``Binance Card will no longer be available from December 20, 2023. Although Binance users from around the world have enjoyed using (the) card to make day-to-day payments with crypto assets, only around 1% of our users are impacted by this change. Binance accounts are unaffected and will continue to operate as usual.
Binance.US in Washington will halt operations on August 20, 2024, due to regulatory issues. Eight states, including North Dakota and Oregon, have revoked Binance. US's operating licenses. The SEC has sued Binance.US for failing to register properly and engaging in manipulative trading.
It is available in EEA and LATAM, with plans to expand into many more countries. Let's dive right in. The Binance Card enables you to convert your cryptocurrencies to fiat currency in real-time, allowing you to spend your crypto assets with merchants worldwide.
Oct 17 (Reuters) - The U.S. unit of cryptocurrency exchange Binance has halted withdrawal of dollars by its clients from the platform, its updated terms showed on Monday. In early June, Binance.US had halted dollar deposits, after the U.S. Securities and Exchange Commission (SEC) asked a court to freeze its assets.
What is the problem with Binance?
Binance has a notorious reputation for allowing actors to use its exchange for various money laundering schemes, terrorist financing, and other illicit activities.
Contact Your Bank: Sometimes, banks may block certain types of transactions, including those related to cryptocurrency, as a precautionary measure. If you're experiencing issues with your card payments, a simple call to your bank can often resolve these blocks and provide clarification on any transaction limits.
Banks tend to block these transactions because they consider cryptocurrency a high-risk sector, associated with scams, disputes, and chargebacks like gambling, adult entertainment, and the supplements market.
Binance supports VISA and Mastercard credit and debit cards, as well as Apple Pay and Google Pay.
| Category | Limit |
|---|---|
| Spending Limit per Transaction | 3,300 USD |
| Daily Spending Limit | 5,000 USD |
| Monthly Spending Limit | 25,000 USD |
| Yearly Spending Limit | 100,000 USD |
Yes, you can use Binance in the US. But the American version of the platform (Binance.US) is quite limited compared to the international one. Also, Binance is entirely banned in several states, including New York, Texas, Louisiana, Hawaii, Idaho, and Vermont. For more details, check out this article.
Cryptocurrency exchange Binance announced on Oct. 20 that its Visa debit card would cease to operate on Dec. 20 due to losing its card issuing partner.
Transaction declined by the card issuer:
The bank's fraud rules (which consider various factors that are not made public) have been triggered. The bank may have placed a temporary hold on the customer's card. The purchase session may have been locked due to multiple declined payments.
Your card may be declined for a number of reasons: the card has expired; you're over your credit limit; the card issuer sees suspicious activity that could be a sign of fraud; or a hotel, rental car company, or other business placed a block (or hold) on your card for its estimated total of your bill.
It has been alleged that Binance could be used as a funding mechanism for terrorist groups. In November 2023, the company pleaded guilty in a U.S. federal court to money laundering, unlicensed money transmitting, and sanctions violations.
Can you still pay with a Binance card?
Binance Resumes Mastercard Payments for Crypto As well as Mastercard payments, the Binance-branded Visa card, which was also switched off last year, has restarted functionality on the exchange.
If a crypto exchange declares bankruptcy, accounts will likely be frozen for a time. If you have crypto or funds at an exchange that declares bankruptcy, you'll need to file a claim and wait for the process to complete. Claims filed at a bankrupt exchange are paid out in order of creditor priority.
Binance Holdings Limited (Binance), the entity that operates the world's largest cryptocurrency exchange, Binance.com, pleaded guilty today and has agreed to pay over $4 billion to resolve the Justice Department's investigation into violations related to the Bank Secrecy Act (BSA), failure to register as a money ...
The CFTC brought civil proceedings against Binance in March 2023 for failing to put in place an anti-money laundering program that would have identified and stopped dirty money transactions such as the financing of terrorism and illicit drug sales.
User reports indicate no current problems at Binance.
