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Is the Binance France card still available?
If you're wondering whether the Binance card is still usable in France and why it might be unavailable, the short answer is this: this cryptocurrency-linked payment method is no longer accessible to French and European residents. In this article, we'll clearly explain why this service is discontinuing, what the consequences are, and what alternatives exist for users who still want to use their crypto funds on a daily basis.
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Context of the end of the Binance card in France
The Binance France card has long been a convenient tool for those who wanted to spend their crypto assets via a crypto debit . Launched in partnership with Visa, it allowed users to pay for purchases at various merchants, withdraw cash in euros , and sometimes benefit from cashback . However, several events, including regulatory challenges and the termination of certain agreements with bank card issuers, have led the centralized exchange Binance to gradually close its payment program within the European Economic Area (EEA) . This closure directly affects French users. As of December 20, 2023, the Binance card can no longer be used in the EU.
The official reason given by Binance and its partners relates to increasing pressure from regulators , evolving European standards for cryptocurrencies, and the end of specific partnerships with issuers like Visa and Mastercard . Another key element is the MiCA (Markets in Crypto-Assets) regulation, which is beginning to impose new obligations on crypto service platforms in the European Union. All these factors are leading the company to rethink its payment offerings.
A major regulatory shift: why is Binance abandoning its card program?
To understand what's happening, we need to look back at Binance 's legal troubles . The exchange is facing investigations and lawsuits from several agencies, such as the SEC (Securities and Exchange Commission ) and the CFTC (Commodity Futures Trading Commission) in the United States. While these actions primarily fall under US jurisdiction, the European Union and other regulators are closely monitoring compliance with financial laws, consumer protection, and transparency in transaction .
The situation became more complicated when key partners, essential to the Binance card , ended their collaborations. Visa, in the EEA region. From the perspective of decentralized finance ( DeFi ) and blockchain , these withdrawals by established players clearly signal a regulatory turning point : compliance is taking precedence over expansion.
At the end of August 2023, the payment company Paysafe , which handled some of Binance SEPA deposits and withdrawals , also withdrew, leading to the suspension of euro bank transfers for a limited period. While Binance has since found a temporary solution, this clearly illustrates the instability of the financial environment and the logistical challenges faced by the platform. Consequently, the decision to discontinue the Binance Card in the EEA appears to be a preventative and definitive measure, intended to reduce risks for the company and its customers .
Important dates to remember for the end of the Binance card
After December 20, 2023, it will no longer be possible to make payments or withdrawals with the Binance France card . The closure affects:
- All EEA users, including France.
- Ukrainian refugee cards issued under the same program.
- Recurring services or monthly subscriptions associated with the card.
The goal is to bring an end to current Binance card program Binance itself, encompassing a range of demands and pressures from financial authorities.
To the question, "Will we see a Binance in France in the future?", there is no official and definitive answer. Binance has not announced any new partnerships to replace these cards in the EU. Instead, the company is focusing on its Binance Pay , which functions more as an online or contactless payment service available at partner merchants that accept cryptocurrencies. However, this solution is not a true equivalent to a physical debit card: the ease of use differs, and some users may miss the advantages of paying by card.
Consequences for French users
From a practical point of view, the disappearance of the map will pose several difficulties:
- No more instant conversion fees crypto and euros at the time of payment.
- It is not possible to benefit from cashbacks linked to the Binance .
- The days of simplicity in paying for everyday purchases with crypto without needing to convert beforehand are over.
- There was an obligation to find alternative solutions for those who appreciated the convenience of the card.
Why does regulation have such a significant impact on the Binance card in France?
Setting up and managing a crypto debit in a regulated environment like the European Union requires strong banking partners and a high degree of transparency. Regulators often require:
- Strict control of financial flows to prevent money laundering.
- A guarantee of consumer protection.
- The establishment of a legal framework for the management of crypto-assets .
- The strict application of tax laws, especially when it comes to capital gains on cryptocurrencies.
Over time, authorities have strengthened their oversight, forcing centralized exchanges to adapt or suspend certain services deemed risky or non-compliant. In the case of Binance , the pressure is even greater given the platform's major position in the cryptocurrency market. Its colossal trading volume attracts not only the attention of investors but also that of regulatory bodies responsible for enforcing financial laws, such as the AMF (Autorité des Marchés Financiers) in France and ESMA ( European Securities and Markets Authority) at the European level.
The shadow of MiCA and compliance
In this context, the European Union's MiCA (Markets in Crypto-Assets) legislation represents another turning point. It mandates strict registration for digital asset service providers (DASPs), as well as greater transparency regarding reserves and user protection mechanisms. Although MiCA has not yet fully come into effect, many platforms are anticipating its requirements.
How does this differ from other crypto cards?
Binance 's competitors continue to offer crypto cards in certain EU countries. However, the strength of these partnerships largely depends on the trust placed in them by card issuers and local regulatory authorities. Each company must find a balance between innovation and compliance. Some issuers simply felt that the risks of collaborating with Binance were too high, given the ongoing legal proceedings and uncertainties surrounding the platform. This doesn't mean that all crypto cards will disappear from the European market, but the offering is likely to evolve rapidly and perhaps become more selective.
What are the alternatives to the Binance card for users in France?
The end of the card does not mean that spending crypto assets in France is completely impossible. Here are some alternative solutions :
- Binance Pay: an online and contactless payment technology for paying with crypto at participating merchants. Its main drawback is the need to find compatible merchants, which can limit its everyday use.
- Other exchanges: Binance 's competitors still offer crypto cards, but their availability varies by region. The terms and conditions (fees, limits, banking partners) should be carefully reviewed before signing up for a new service. In France, the main exchanges are Crypto.com, Coinbase , Ledger , and Bitpanda.
- Crypto wallets and fiat gateways: If you prefer to retain control of your private keys , you can use a wallet and convert your crypto to euros via a specialized platform, then transfer those funds to your bank account. This takes longer than a card, but avoids dependence on a single provider.
- Prepaid card solutions: some companies offer the option to top up a prepaid card with cryptocurrencies converted to euros. Terms of use and fees vary depending on the provider.
Advantages and disadvantages of Binance Pay
Binance is now directing its users to Binance Pay . Originally designed as a mobile payment solution and a digital asset transfer interface, this service operates on a "send and receive" principle for cryptocurrencies. Here's what you need to know:
- Benefits :
- No physical card to manage , therefore no reissue, no risk of card loss.
- Possibility of using QR code technology to pay in crypto .
- Fast transactions without a banking intermediary.
- Potential compatibility with future services and merchants in France or internationally.
- Disadvantages:
- Few physical merchants accept Binance Pay in France, which limits its everyday use.
- No actual Binance card to present if you prefer the classic format.
- Less flexibility for online services that have not integrated the solution.
What about cashback programs and other benefits?
One of the Binance card was its cashback based on the amount spent in crypto . If you had accumulated rewards, these remained credited to your account, even after the service was discontinued. However, you could no longer generate new rewards through card payments. This was a drawback for those who valued this "loyalty" aspect.
Some Binance Pay might offer occasional promotions or loyalty programs, but nothing as systematic and automatic as the former debit card. With the Binance France card about to disappear, you'll need to look to other providers if cashback is a key factor for you.
Conclusion: The Binance France card, a service that is disappearing
In summary, the Binance card is no longer available in France and, more broadly, in the EEA since December 20, 2023. The definitive discontinuation of this program stems from a number of factors, including increased regulatory pressure, the end of partnerships with major card issuers like Visa , and concerns related to compliance with European financial legislation. This decision is part of a broader reorganization at Binance crypto-asset market .
For users based in France, this development means a readjustment of their payment habits. While decentralized finance and blockchain continue to grow, the ease of paying for everyday purchases with crypto crypto debit card is becoming more complicated. Of course, it's still possible to convert funds to euros using other methods and solutions like Binance Pay . Nevertheless, the loss of this service clearly illustrates that the rules of the game are changing in the sector.
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Yoann
Training engineer, I quickly became interested in the field of finance. Convinced that decentralized finance has a bright future ahead of it, I participate in its democratization by developing Crypternon.
