Binance Embraces Visa, Mastercard for Crypto Purchases

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The world’s largest cryptocurrency exchange by volume, Binance, is to enable the purchase of cryptocurrency using both Visa and Mastercard credit cards.

The announcement yesterday that users would now be able to Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Ripple (XRP) using their credit cards has come as a boon to regular users of the exchange. The new facility has been enabled by a new partnership between the Chinese exchange giant and Israel-based payments processing firm Simplex.

The other 151 tokens will be tradable against the 4 purchasable tokens using credit cards, according to a statement from Binance. “The crypto industry is still in its early stages and most of the world’s money is still in fiat,” said Binance CEO Changpeng Zhao. “Building fiat gateways is what we need now to grow the ecosystem, increase adoption and introduce crypto to more users.”

However, not all countries will be able to take advantage of the new service, including Iraq, Cuba, Afghanistan, and Libya. Even in the USA, some users will have to purchase their tokens in the usual way as New York, Hawaii, Georgia, New Mexico, and Washington are not supported by the new credit card payment system.

Simplex has released details of the fees for the service, indicating that charges will consist of 3.5% of a transaction with a USD 10 minimum (flat fee). The daily limit is USD 20,000 per user, while the monthly max is USD 50,000 per user. It adds that payment processing is subject to “local bank policies” and warns that some issuers may decline charges regardless.

 

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