Bybit Emerges as Binance Closes Crypto Visa Card in Europe

Binance announced the closure of its Visa card in Europe at the end of October, impairing EEA customers who use it to convert cryptocurrencies to fiat currency.

Averting the demise of the cryptocurrency Visa card has been facilitated by Bybit. A variety of new Bybit Mastercard incentives were introduced to attract European consumers.

Binance announced on October 19 that it would discontinue its European Visa card in December. New debit card incentives were introduced by spot and futures exchange Bybit one week after the initial announcement.

The move demonstrates Bybit’s growing global cryptocurrency prominence and Binance’s focus on its core business.

Residents of the EEA were granted Binance Visa cards in 2020, enabling them to convert cryptocurrencies to fiat and spend the funds wherever Visa is accepted.

In addition to all twenty-seven EU members, Norway, Iceland, and Liechtenstein were included in the initiative.

Currently, European users accessing the Binance Crypto Card portal are redirected to the main page.

The EU published markets in Crypto-Assets (MiCA) in July to standardize crypto legislation. New laws impose stricter Know Your Customer (KYC) regulations on cryptocurrency firms, necessitating increased due diligence to safeguard customers.

Issuing crypto cards within the EEA thus necessitates increased conformance. Bybit remains optimistic, however, that its product may achieve success following the expiration of the Binance European Visa.

Holders of digital assets favor cryptocurrency debit cards. They link investors with the cryptosphere and enable them to retain their cryptocurrency for an extended period before withdrawing it.

Users can thus benefit from the attributes of Bitcoin while also benefiting from the ease of liquidating it for bill payments.

Using the Bybit Card, BTC, ETH, and USDT can rapidly convert to fiat currency. You may withdraw or use cash to make in-store and online purchases at any Mastercard ATM.

Bybit has enhanced its EEA card with the introduction of three new promotions. A 10 EUR bonus is included with the Bybit virtual card, followed by a 5 EUR bonus on your initial transaction and an additional 10 EUR bonus upon joining the exchange.

Bybit’s endorsement of its card throughout Europe demonstrates its dedication to regional expansion. Traditional cryptocurrency investors have encountered difficulties transferring funds.

Since many institutions deny crypto funds, crypto investors have few alternatives. This can be remedied with cryptocurrency debit cards, which support cryptocurrency cashouts and standard purchases.