Binance.com debit card to be closed by December 20

[alani123]

Binance card users received the following message Today:

Dear Binancian,
 

This email is to notify you that in accordance with Clause 20 of Binance Card Account Terms and Conditions (https://binance.com/en/cards/terms-of-use) you will no longer be able to use your Binance Visa Debit Card from 20th December 2023 onwards.  
 

This is because the Binance Visa Debit Card program, issued by UAB ”Finansinės paslaugos ,,Contis“, part of the Solaris Group, is closing in two months’ time.
 

Your Binance account will remain open and is not impacted by the closure of the Binance Visa Debit Card Program.      


Why will I no longer be able to use my Binance Visa Debit Card?

UAB ”Finansinės paslaugos ,,Contis“ will no longer be the issuer of the Binance Visa Debit Card program after the closure date.

What do I need to do?
On 20th December 2023, please destroy your Binance Visa Debit Card by cutting it through the chip and magnetic stripe.

You don’t need to do anything else.

You will not lose any fiat or crypto currency from your Binance account, because this update only impacts your Binance Visa Debit Card; your Binance account will not be closed or impacted.

Refunds, disputes and complaints will continue to be processed as usual until the Binance Visa Debit Card program is closed and during the mandatory period afterwards.  Further information regarding the process for refunds, disputes and complaints will be shared with you nearer the time.

We recommend that you take action at your earliest convenience.
    
If you have lost your card, you may order a replacement one up until 6th December 2023, and spend the funds from your Binance account in the Binance app as normal until the Binance Visa Debit Card program is closed on 20th December 2023. Note that card delivery timeframes can vary depending on international and local post providers.

What if I need help?

If you have any difficulties using your Binance Visa Debit Card before 20th December 2023, please contact Binance Customer Services for help via the Binance.com website.

Complaints: Please contact the Binance team via Binance's live support chat on https://www.binance.com/en OR the Binance App.
    
 
Kind regards

Binance's card was a useful tool to cash out crypto on occasion as well as get cashback on purchases made with the card.
What will be your moves following this development?
If given the chance would you still be using your card till December 20 when it'll be closed? Would you deposit EUR to it till then?
Will you be keeping your BNB that you might have been holding for card perks?

Personally I'm really considering of selling all my remaining BNB and never using the card after this.
There exist solutions with smaller cashback but no deposit requirements these days.

[BitMaxz]

That's the bad news for those who use Binance cards actually they do have cashback if you purchase and use it frequently the chargeback level increases until 8%. I'm sure this would be bad news for users who usually use it.

Since Binance announced that it will be closed soon better to terminate the card it's not safe to use after December 20.

I don't think the BNB is deposited in your card. I think it is in your funding wallet but you still need to report it and terminate the card to make sure it won't automatically convert your BNB from funding into a Binance card balance.

[sokani]

Binance setbacks keep piling up. Though, Binance didn't say why the crypto debit card service is coming to an end but it's rumoured that VISA is pulling out of the partnership due to the regulatory scrutiny Binance is facing.

Some users might have been attracted to Binance because of this service which gives them the opportunity to load up their crypto card and pay for good and services. Taking it off the table means the affected users may have to look for it somewhere else, which is as good as saying that Binance is going to lose a very few customers.

[Ultegra134]

Binance seems to be going downhill. Every once in a while, something new happens. First, the SEC lawsuit, which had an effect on the whole market and BNB itself; then, the pause of Euro SEPA deposits; and now this. I wasn't a frequent user of their card, but it was useful and convenient if you were interested in making cryptocurrency transactions or even withdrawals. Moreover, their cashback program was one of the major reasons I purchased a whole BNB coin. As I'm mostly Bitcoin-oriented, I don't know if I would have proceeded with my purchase if it weren't for that. I don't believe that the exchange itself is going to be in trouble, but I'm starting to reconsider using their platform.

[Rikafip]

Will you be keeping your BNB that you might have been holding for card perks?

Nope, my plan is to convert remaining BNB (1 BNB that I bought + cashback) to BTC and withdraw from Binance after card stops working.

Moreover, their cashback program was one of the major reasons I purchased a whole BNB coin. As I'm mostly Bitcoin-oriented, I don't know if I would have proceeded with my purchase if it weren't for that.

It was definitely worth it to own 1 BNB as it enabled us to have 2% cashback so i wasn't bad investment at all. On the contrary, it it was stupid not to reach that cashback level for anyone that used debit card on the somewhat regular basis.

I don't believe that the exchange itself is going to be in trouble, but I'm starting to reconsider using their platform.

Since I stopped trading years ago, the debit card was the only reason I used Binance and with card not working after December this year, there won't be any reason for me to use it.

[alani123]

Binance seems to be going downhill. Every once in a while, something new happens. First, the SEC lawsuit, which had an effect on the whole market and BNB itself; then, the pause of Euro SEPA deposits; and now this. I wasn't a frequent user of their card, but it was useful and convenient if you were interested in making cryptocurrency transactions or even withdrawals. Moreover, their cashback program was one of the major reasons I purchased a whole BNB coin. As I'm mostly Bitcoin-oriented, I don't know if I would have proceeded with my purchase if it weren't for that. I don't believe that the exchange itself is going to be in trouble, but I'm starting to reconsider using their platform.

Well binance still has a pretty strong product. Their volumes are ok, among the top exchanges in terms of volumes, and also their futures have decent liquidity still. But after KYC became mandatory in Binance, their strongest point was low fees and easy FIAT integration. Now without a card product many of their basic users will have one less reason to be there. And with both Visa and Mastercard specifically having made announcements against binance, things aren't looking that good for this part of their service returning. Hopefully in the future there can be more regulatory clarity and Binance can start offering a wider array of products. But for now it seems like regulators like putting them in a tight spot all the time.

As of the cashback, for a while it was good in binance but later they reduced the limits way too much... maximum of 25 EUR cashback with 10 BNB held in binance? MEH... Even if cards return to binance they'd have to revamp the program to gather more interest again.

[Ultegra134]

Well binance still has a pretty strong product. Their volumes are ok, among the top exchanges in terms of volumes, and also their futures have decent liquidity still. But after KYC became mandatory in Binance, their strongest point was low fees and easy FIAT integration. Now without a card product many of their basic users will have one less reason to be there. And with both Visa and Mastercard specifically having made announcements against binance, things aren't looking that good for this part of their service returning. Hopefully in the future there can be more regulatory clarity and Binance can start offering a wider array of products. But for now it seems like regulators like putting them in a tight spot all the time.

As of the cashback, for a while it was good in binance but later they reduced the limits way too much... maximum of 25 EUR cashback with 10 BNB held in binance? MEH... Even if cards return to binance they'd have to revamp the program to gather more interest again.

It's still a strong product, I don't say otherwise, but Binance's initial business model perhaps was a little different and now regulations are starting to caught up; they'll need to pivot if they want to stay competitive. I personally moved over to Binance due to the low fees, but I was also drawn to it due to the majority of products it was offering. I highly doubt that there's going to be any alternative useful enough as this debit card was.

It was definitely worth it to own 1 BNB as it enabled us to have 2% cashback so i wasn't bad investment at all. On the contrary, it it was stupid not to reach that cashback level for anyone that used debit card on the somewhat regular basis.

Definitely, 2% or even 3% isn't a cashback you'll find these days, especially on every single transaction. My credit card has 3% cashback and it's only limited to one brand of petrol stations, having that much for all transactions would be a blessing.

[hugeblack]

What I wonder about is whether the problem is from UAB “Finansinės Paslaugos,,Contis”, which is the issuer of the Binance Visa debit card program, and has stopped, so why are they not thinking of an alternative, or will there be an alternative, but you will need to request a new card? The announcement did not mention any new details related to this.

In general, there is enough time to search for alternatives, and I hope that this is not the beginning of something bad related to Binance.com.

[stompix]

What I wonder about is whether the problem is from UAB “Finansinės Paslaugos,,Contis”, which is the issuer of the Binance Visa debit card program, and has stopped,

There are other cards issued by EU based exchanges and backed by Contis that are working without a problem, most likely it's either Visa pulling the plug or EU pressure but that wouldn't make complete sense since they have lost also the partnership with Infinios Financial Services for ME cards and South America is off the table for good.
And then we have Mastercard pulling out of every deal completely on any kind of future partnership!

This is just the end of FAFO, CZ adventures flying from one country to another, propping only empty offices everywhere, going through a dozen setup companies, the claims about Binance payments and not Binance trading which is a subsidiary of Biance Finance lost its license and that doesn't impact their business at all, anyone should have seen the outcome.

Btw, real damage control over Binance:
- we lost mastercard and south america and middle east ...but it's less than 1% of our users
- we lost EEU...but it's less than one percent of our users
soon to come
- we lost Asia..but that's less than 1%
- we can't issue cards in Africa but we never had a card there so zero losses

1%+1%+1%+0% =100% 

[Rikafip]

As of the cashback, for a while it was good in binance but later they reduced the limits way too much... maximum of 25 EUR cashback with 10 BNB held in binance? MEH... Even if cards return to binance they'd have to revamp the program to gather more interest again.

Do you maybe remember when they reduced the limit?

Speaking of the limit, even this current limit for Tier 3 cashback is more than enough for majority of people because in order to reach it you have to spend ~900 euro in a month and I don't think that many use Binance Visa that much.

[Eternad]

Personally I'm really considering of selling all my remaining BNB and never using the card after this.
There exist solutions with smaller cashback but no deposit requirements these days.

There’s P2P as an alternative way to cash in and cash out fiat using your bank account that doesn’t have any fees for trade. Those lousy cashback they offer is just minimal compared to the amount that you can save by trading on P2P that gives you freedom to choose for the best price.

They will also remove their BUSD until February next due to the same issuer problem. But Binance coin is very strong even without their stablecoin and debit cards so flipping your token just because of this minor setback might cause you a lot when bullrun come.

[alani123]

Personally I'm really considering of selling all my remaining BNB and never using the card after this.
There exist solutions with smaller cashback but no deposit requirements these days.

There’s P2P as an alternative way to cash in and cash out fiat using your bank account that doesn’t have any fees for trade. Those lousy cashback they offer is just minimal compared to the amount that you can save by trading on P2P that gives you freedom to choose for the best price.

They will also remove their BUSD until February next due to the same issuer problem. But Binance coin is very strong even without their stablecoin and debit cards so flipping your token just because of this minor setback might cause you a lot when bullrun come.

Have you seen the prices on binance p2p? Honestly they're not the best. Also the biggest issue is security because the account you're trading with in p2p could be a scammer. Honestly binance remains a good exchange and for SEPA deposits there exist decent alternatives in Europe so that's not an issue.
But really the binance card cashback was one of the major reasons to keep BNB held as a retail user. It was convenient for every day transactions and it was not that expensive to get to the higher tiers of cashback compared to competitors. It'll be hard to find a replacement to that.