The Malta-based exchange giant announced on Thursday that it has partnered with payment processing company Simplex to allow users to buy Crypto using Credit cards.
Initially, users will be able to buy Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and XRP using Visa and Mastercard Credit cards. These can then be traded with over 150 tokens on the platform.
Changpeng Zhao, CEO of Binance said:
“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.”
Binance has mainly been a Crypto-to-Crypto trading platform since its launch, but it seems to be expanding its territory to fiat in competition to fiat onramps like Coinbase.
It introduced fiat pairings for the first time in 2018 by launching an exchange in Uganda allowing users to buy Crypto using Ugandan Shillings. The firm also launched an exchange in Jersey allowing users to buy Bitcoin and Ethereum with Euro and British Pound (GBP).
Although it is great news that Binance is allowing Credit card purchases, banks are not particularly fond of Cryptocurrency purchases using Credit cards. Many major banks and exchanges such as Citigroup, JP Morgan, Lloyds bank and Coinbase restricted users from buying Cryptocurrencies with credit cards. Further Simplex could restrict users from certain jurisdictions such as New York, Hawaii, Cuba, and Iraq from using their platform.
But Overall this is great news for the Crypto community!
In other news: Fidelity set to Launch Bitcoin Custody Solution for Institutional Investors Starting March 2019
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