The Binance cryptocurrency exchange has announced the launch of the delivery of the Binance Visa Card to the European Economic Area (EEA) and the support of the ETH cryptocurrency by the card.
According to the Binance announcement, users from the Euro area will soon start receiving their cards. To do this, they need to complete the order procedure. The daily spending limit of a physical Binance Visa Card is 8,700 euros, and no more than 290 euros can be withdrawn from ATMs per day.
Card users will be able to receive cashback up to 8%, and until 2021, a zero commission is provided. In addition, the management of Binance announced support for ETH, which customers will be able to pay for purchases, and if desired, specify this asset as the preferred payment method. Previously, the card supported BTC, BNB, SXP, and BUSD.
For the first time, the Binance cryptocurrency debit card became known in March of this year, but a month later, the CEO of Binance, Changpeng Zhao, reported on possible legal difficulties, since the card must meet the requirements of regulatory authorities in each country. In September, Gleb Kostarev, head of Binance’s operations department in Russia and the CIS, announced his readiness to launch a Binance Card debit card in Russia.
Previously, there were concerns that this would be impossible due to the Law “On Digital Financial Assets (CFA) and Digital Currency”, which prohibits paying with cryptocurrencies in Russia, and comes into force on January 1, 2021. However, recently it became known that the Binance exchange became a member of the Committee on Digital Financial Assets (CFA) and Digital Currency in Russia. This committee was created for the development of legal cryptocurrency business and its regulation in the country.
There are other exchanges that have launched Visa debit cards, which allow you to pay for purchases with cryptocurrencies. In the fall, a similar map was introduced by the Paxful P2P platform in Mexico and the United States. The Coinbase exchange also announced the release of the Coinbase Card in the United States with cashback in XLM or BTC.