Binance Cards Will Stop Working on December 20, 2023. What Are the Alternatives?
Binance cards first appeared in 2020 and have been a convenient payment solution for cryptocurrency users. It was easy and convenient to pay for goods with cryptocurrency anywhere the card was accepted—not limited to companies that accepted cryptocurrency directly. This year, Binance faced legal difficulties from the SEC and was unable to renew the program. Binance Visa cards will stop working in the EU and European Economic Area on December 20, 2023.
Fortunately, there are alternatives. Let's look at three cryptocurrency cards that can continue to be used in 2024.
WinVisa (recommended)
- Available: all over the world
- Spending limit: up to $15,000 per day, up to $100,000 per month, up to $500,000 per year
- ATM withdrawal limit: up to $10,000 per day, up to $30,000 per month, up to $75,000 per year
The WinVisa card is part of the DarWin ecosystem, known for its line of investment products. This map builds a bridge between the fiat and cryptocurrency economies. Pros: some of the highest limits on the market, favorable terms of use, the ability to use Google Pay and Apple Pay.
The card officially cooperates with Visa and has an official Digital Currency Operator License in the EU, which eliminates the risk of card suspension (as was the case with Binance Visa). Unlike most competitors, who offer their services only within the EEA, WinVisa is ready to deliver the card to almost any country in the world.
Coinbase Card
- Available: EU countries, UK, USA, Canada
- Spending limit: $2,500 per day
- ATM withdrawal limit: $2,000 per day
The card from Coinbase is the first alternative that comes to mind after the closure of Binance Visa. After all, Binance was the largest cryptocurrency exchange, and Coinbase is immediately second on this list. And yes, indeed, their cards are quite popular and convenient, the exchange has a good reputation, and cooperation with Visa gives access to almost all trading terminals in the world.
However, the disadvantages are high commissions for conversion (2.49%) and regulatory risks. Coinbase is registered in the USA, which means it could also face problems from the SEC, and then they will have to fold their cards after Binance.
Nexo Card
- Available: EU and European Economic Area countries
- Spending limit: up to €10,000 per day, up to €60,000 per month
- ATM withdrawal limit: up to €2,000 per day, up to €10,000 per month
The Nexo card is touted as the world's first crypto debit/credit card. If you have cryptocurrency on your balance as collateral, the card allows you to use credit funds, thereby avoiding the direct sale of cryptocurrency. Another plus is that there are no usage fees. Issuing a card is free, there are also no monthly or annual fees — only fees for transactions and cash withdrawals.
However, a significant drawback of Nexo is its low limits, especially for cash withdrawals. Some may find these limits sufficient, but many cryptocurrency users are looking for more flexible cards (for example, WinVisa).