Cryptocurrency exchange Binance announced the start of the delivery of the Binance Visa Card in the European Economic Area (EEA) and the card's support for ETH cryptocurrency.
According to Binance's announcement, users from the Eurozone will soon begin receiving their cards. They will need to complete the ordering process in order to do so. The daily spending limit for a physical Binance Visa Card is 8,700 euros, and no more than 290 euros can be withdrawn from ATMs per day.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 up to 2021 provides for zero commission. In addition, the management of Binance announced support for ETH, which customers will be able to pay for purchases, and if desired, indicate this asset as a preferred method of payment. Previously, the card supported BTC, BNB, SXP and BUSD.
The Binance cryptocurrency debit card first became known in March this year, but a month later, Binance CEO Changpeng Zhao reported about possible legal complications, because the card must meet the requirements of regulatory authorities in each country. In September, Gleb Kostarev, head of Binance's operations in Russia and the CIS, said that he was ready to launch the Binance Card debit card in Russia.
Previously, there were concerns that this would be impossible because of the Law "On Digital Financial Assets (DFA) and Digital Currency", which prohibits payment with cryptocurrencies in Russia, and which will come into force on January 1, 2021. However, it has recently become known that Binance has become a member of the Committee on Digital Financial Assets (CFA) and Digital Currency in Russia. This committee was created to develop the legal cryptocurrency business and its regulation in the country.
There are other exchanges that have launched Visa debit cards that allow you to pay with cryptocurrencies. In the fall, a similar card was introduced by P2P platform Paxful in Mexico and the U.S. The Coinbase exchange also announced the Coinbase Card in the U.S. with cashback in XLM or BTC.