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

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OKEx Enters India's Cryptocurrency Market Through Partnership With Local Exchange

Popular cryptocurrency exchange OKEx has partnered with the Mumbai-based CoinDCX crypto exchange to help it develop a derivatives trading platform, DCXfutures, in return for a foothold in the subcontinent’s crypto market.

According to a press release, Indian investors will be able to use CoinDCX’s derivatives trading platform to trade futures, using leverage of up to 15x provided by OKEx. Indian investors will be able to trade a total of nine cryptocurrencies, including BTC, ETH, XRP, and LTC.

The platform will also offer both institutional and retail investors perpetual futures contracts for both bitcoin and ether. OKEx will be provided with liquidity, connectivity, and insight into the Indian cryptocurrency market, which has been recovering from a blanket ban imposed by the country’s central bank, the Reserve Bank of India (RBI).

During the 2017 cryptocurrency boom, an estimated five million Indians were trading crypto, but the ban was imposed in 2018. It ordered financial institutions to stop dealing with businesses involved with cryptocurrency trading.

As a result some local cryptocurrency exchanges, including Koinex, shut down. The country’s Supreme Court ended up asking the RBI to justify its position on cryptocurrency businesses, and is now set to rule on whether it acted outside its justification with the ban.

Addressing the partnership Zaz Zou, head of OKEx India, said:

India is primed to be the driving force behind the mass adoption of cryptocurrencies, which is why we are keen on adding more equitable currencies to the ecosystem.

Zou added OKEx believes having a variety of options to transact cryptocurrencies will “bolster the growth of economy in India as it positively impacts both crowdfunding and institutional funding.” Credit rating and audit firm Crebaco Global calculated that the Indian crypto scene, if properly regulated, could have an immediate size of $12.9 billion.

CoinDCX’s CEO and co-founder Sumit Gupta noted in the document that the firm has been witnessing a “rapidly growing demand for futures trading among Indian cryptocurrency market.” Its futures platform isn’t yet available to the general public, but will be launched sometime in Q2 2020.

Featured image via Pixabay.