Binance Finally Open Debit and Credit Card Payments for Cryptocurrencies

The biggest cryptocurrency exchange in the world in terms of trading volume finally enable the debit and credit card payments for cryptocurrencies through their new partnership with Simplex. Binance was delighted to give this kind of payment service to its clients.



Thursday night (January 31), Binance announced that it is now possible to buy cryptocurrency with a use of debit or credit card.

Here is the Binance's Tweet Announcement:



According to Binance's Blog, one of their big mission is to increase the accessibility of its users to get crypto in an easy way by using their debit or credit cards.

"As part of Binance’s larger mission to increase the adoption and mainstream accessibility of crypto, Binancians are now able to use Visa and MasterCard to buy BTC, ETH, LTC and XRP, and start trading on Binance.com within minutes," Binance's press release.

According to Binance, the partnership brings users three benefits:

"Fast: Average 10-30 mins for cryptocurrency to reach your wallet"
"Low Fees: only 3.5% per transaction or 10 USD, whichever is higher"
"Convenient: Visa and MasterCard accepted"

As for the fees and limits! Simplex fee is 3.5% of the transaction with a 10USD minimum (flat fee), according to their blog post.

"Daily limit is 20k USD per user."
"Monthly limit is 50k USD per user."
"Minimum transaction: 50 USD."

But not all countries can use the payment service because Simplex has list of jurisdictions restricted from using the service.

Restricted countries:

Afghanistan    
China (Some of Chinese banks are not supported.)
Congo (Brazzaville)    
Congo (Kinshasa)
Cuba    
Democratic People's Republic of Korea
Eritrea    
Iran
Iraq    
Ivory Coast
Kyrgyzstan    
Lebanon
Libya    
South Sudan
Sudan    

Restricted States in USA:

New York (NY)    
Georgia (GA)
Connecticut (CT)    
New Mexico (NM)
Hawaii (HI)    
Washington (WA)

As of writing this article, Binance users can now use Visa or MasterCard debit and credit cards to buy Bitcoin, Ethereum, Litecoin and (Ripple) XRP (the base currencies Binance supports excluding the stablecoins). All you need to is to visit: https://www.binance.com/en/creditcard

As for the records, Simplex also helps several other crypto exchange companies with debit/credit card processing, including Xaro, BTCC, BitMART Exchange, and Changelly.

News Sources: binance.com
Image Edited by goodfilipino.com



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