Binance Finally Allows You to Buy Crypto With Debit and Credit Cards

Siamak Masnavi

On Thursday (January 31st), digital asset exchange Binance announced that it is now possible to buy cryptocurrency with a debit or credit card. 

Here is how it announced the news on Twitter:

Binance's blog post says that it was able to offer this via a new partnership with Simplex, which describes itself as "a fintech company that provides worldwide fraud-free payment processing." Simlex also helps several other crypto companies with debit/credit card processing, including BitMART Exchange, Xaro, BTCC, and Changelly.

According to Binance, this partnership brings users two 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"

Binance users from today can use Visa or MasterCard debit and credit cards to buy BTC, ETH, LTC and XRP (the base currencies Binance supports excluding the stablecoins). To do so, you need to visit: https://www.binance.com/en/creditcard

When you go there, this is the screen you will see:

Binance and Cards Screenshot.png

In Europe, you can choose the transaction amount to be either in USD or EUR. The "crypto amount quoted is based on the current rate and is not final," and if "the rate changes by more than +/-2.5% you will be asked to reconfirm the transaction via email from Simplex."

Changpeng “CZ” Zhao, the CEO of Binance, had this to say about the new partnership:

“We want to provide Binance traders with fast and easy access to crypto, in the most secure way possible. Partnering with Simplex allows us to instantly bridge the gap between credit card payments and crypto for traders globally. On Binance.com, you can now buy crypto with credit cards and start trading in minutes.”

And Nimrod Lehavi, Co-Founder and CEO of Simplex, stated:

“Easy and fast credit card payments, for mainstream users, is a key factor in wider adoption of crypto in general. We’re thrilled to partner up with Binance and together enable a much better, fast and easy experience."

During the past few months, Binance has launched two fiat-to-crypto exchanges (in Jersey and Uganda), and with this partnership, Binance is "further expanding to global markets."

The Binance CEO said:

“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."

 

Featured Image Credit: Photo via Pexels.com

Malta's Financial Watchdog Warns Against Two Cryptocurrency Exchanges

Malta’s financial watchdog, the Malta Financial Services Authority (MFSA), has issued statements against two cryptocurrency trading platform that reportedly don’t have licenses to operate in the country.

The MSFA, over two warnings, warned against both Crypto Foxtrades and COINMALEX.0 In the first warning the financial watchdog wrote it was aware Crypto Foxtrades claims to be “a licensed and regulated trading platform that serves over 500,000 customers globally,” and that it purports to be “licensed and regulated” by the MFSA.

The regulator warned the public against “undertaking nay business or transaction” with the entity operating Crypto Foxtrades, writing:

The MFSA wishes to alert the public, in Malta and abroad, that Crypto Foxtrades is NOT a Maltese registered Company NOR licenced or otherwise authorised by the MFSA to provide the service of an exchange or other financial services which are required to be licenced or otherwise authorised under Maltese law.

The second warning saw the MFSA write that it has become aware of COINMALEX, which claims to offer “trust assets management of the highest quality on the basis of profitable CryptoCurrency trading through Crypto exchanges”.

The organization states it operating from Malta, but the MFSA issued a similar warning to the public against using it as it isn’t licensed or authorized to operate in the country, clarifying it “does not believe” it operates from an address in Malta.

The MFSA added.

Furthermore, information available to the MFSA suggests that COINMALEX is likely to be a scheme of dubious nature with a high risk of loss of money.

On both warnings, Malta’s financial watchdog advised the public to be “extra cautious” when the entity offering financial services approaches them “via unconventional channels such as telephone calls or social media.

Earlier this year, the MSFA said leading cryptocurrency exchange Binance wasn’t authorized to operate in the country. On social media its CEO Changpeng Zhao responded saying to reports on the statement from the MFSA saying there was a “mix of truth, FUD & misconception” circulating.

Featured image via Pixabay.