Binance Starts Letting Users Buy Crypto by Binding Visa Cards to Their Accounts

Michael LaVere
  • Cryptocurrency exchange Binance is allowing European clients to bind their Visa cards for direct crypto purchases.
  • Feature is currently limited to 31 countries in the European Economic Area.

Leading cryptocurrency exchange Binance is allowing European clients to purchase crypto directly by binding Visa cards to their accounts. 

According to the official announcement published Dec. 26, Binance now supports users purchasing crypto directly via binding Visa cards to an account. The feature currently allows for the purchase of four cryptocurrencies-- bitcoin (BTC), ether (ETH), binance coin (BNB), and XRP. 

Users can access the feature by visiting the new “Buy Crypto” page, where they will be asked to add their Visa card. Once the card is bound, clients will be able to purchase crypto directly through the exchange. 

The new service is only available for Visa credit and debit cards issued within the European Economic Area, which covers 31 countries including the United Kingdom, Germany, France, and the Netherlands. 

The announcement also includes an update for Mastercard holders, 

Support for Mastercard and additional currencies will be added in the near future. Please stay tuned for more information.

Featured Image Credit: Photo via Pixabay.com

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Two Brazilian Crypto Exchanges Close Following Change in Tax Laws

  • Two Brazilian exchanges have been forced to close in the face of strict new regulations.
  • Exchanges are required to keep track of all transactions made with cryptocurrency or pay fines. 

Two Brazilian cryptocurrency exchanges have been forced to shut down following the enactment of new tax laws. 

Following reports of rampant cryptocurrency-related fraud in 2019, Brazilian politicians have created and enforced new tax regulations for the industry of cryptocurrency. 

According to a report by Bitcoin.com, exchanges Acesso and Latoex are two of the first casualties of the increased regulation. Both exchanges have decided to end operation, rather than pay the hefty fines and comply with strict regulation in the face of shrinking trading volume. 

Pedro Nunes, co-founder of Acesso Bitcoin, told Portal do Bitcoin, 

After the Federal Revenue Service introduced these rules we noticed a significant decrease in the traded volume. We also feel that the market has cooled off for smaller exchanges.

The new regulations, implemented in August 2019, require traders and brokerages to report all transactions involving cryptocurrencies. Failure to comply results in penalties ranging from 500 BRD to 1500 BRD ($120 - $360). 

Exchanges say that compliance with the new regulation requires expensive investment into new resources, which has been untenable for smaller and less profitable organizations.

Featured Image Credit: Photo via Pixabay.com