Binance cryptocurrency exchange announced the start of delivery of the Binance Visa Card to the European Economic Area (EEA) and support for the ETH cryptocurrency.
Eurozone users will start receiving their cards soon, according to Binance’s announcement. To do this, they need to complete the ordering procedure. The daily spending limit for a physical Binance Visa Card is € 8,700, and no more than € 290 can be withdrawn from ATMs per day.
Card users will be able to receive up to 8% cashback, and zero commission is provided until 2021. In addition, Binance management announced support for ETH, which customers can use to pay for purchases, and optionally specify this asset as their preferred payment method. 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 announced possible legal complications, as the card must comply with regulatory requirements in each country. In September, the head of the operations department of Binance in Russia and the CIS countries Gleb Kostarev announced his readiness to launch the Binance Card debit card in Russia.
Earlier, there were concerns that this would be impossible due to the Law “On Digital Financial Assets (DFA) and Digital Currency”, which prohibits paying with cryptocurrencies in Russia, and will come into force on January 1, 2021. However, it recently became known that the Binance exchange became a member of the Committee on Digital Financial Assets (DFA) 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 that allow you to pay for purchases with cryptocurrencies. In the fall, a similar card was introduced by P2P platform Paxful in Mexico and the USA. Coinbase also announced the release of the Coinbase Card in the USA with cashback in XLM or BTC.
