When the new day starts in europe? [Squad Rewards Tournament]

Hello all, i am completely new to this and i am really sloppy.
Can i know which timezone is gonna be used?
for example:
the new day for Razer Cortex starts at my midnight or on 1 am? or even 3 am?
Also i got another question even if prolly i know the answer already: If i redeem the 20 hours prize, am i going to lose the 20 hours?
Thanks to whoever answers!