Binance, a global cryptocurrency exchange platform, will soon allow its users to purchase crypto assets through their Visa and MasterCard debit or credit cards, all thanks to the exchange’s partnership with payment processor Simplex. For now, the crypto tokens that shall be available for purchase for this are Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP).
In the press release, the Binance team lists the benefits of using cards to buy cryptocurrencies:
“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.”
The CEO of Binance, ChangPeng “CZ” Zhao added that “as we add more options, the fee will come down.” According to information available on the exchange’s website, Binance Coin (BNB) will not be utilized to pay for the trading fees, each trade shall carry a standard fee of 0.1%.
In the official release, ChangPeng Zhao had this to say,
“We want to provide Binance traders with fast and easy access to crypto, in the most secure way possible. The crypto industry is still in its early stages and most of the world’s money is still in fiat. Building fiat gateways is what we need now to grow the ecosystem, increase adoption and introduce crypto to more users.”
However, there are some restrictions, Jurisdiction restricted from utilizing simplex are: Afghanistan, China, Congo (Brazzaville), Congo (Kinshasa), Cuba, Democratic People’s Republic of Korea, Eritrea, Iran, Iraq, Ivory Coast, Kyrgyzstan, Lebanon, Libya, South Sudan, and Sudan. As for locations inside the US, the following states are not supported: New York, Georgia, Connecticut, New Mexico, Hawaii, and Washington.
CZ adds that Simplex doesn’t support every single credit cards, “but do have decent coverage.”
Buy crypto with your credit card!
In our testing, Simplex does not support all credit cards, but do have a decent coverage. Good luck! https://t.co/qM3LJrEKJd
— CZ Binance (@cz_binance) January 31, 2019