Binance has reportedly rolled out fiat payment support features for Visa and Mastercard-enabled transactional activities.
Starting 14th Feb, Binance’s partner Simplex is accessible for purchasing crypto in different nations throughout the globe.
Specifically, the newly supported fiat currencies available in Binance platform include the British pound sterling, South Korean won, Russian ruble, Australian dollar, Swiss franc, Czech koruna, Danish krone, Norwegian krone, New Zealand dollar, Polish złoty, Swedish krona, Turkish lira, South African rand, Hungarian forint, and Israeli shekel.
This means of payment will be widely available to Binance clients via the Buy Crypto page, which will enable them to buy a few particular digital coins, nominally Bitcoin (BTC), Binance Coin (BNB), Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC) and XRP.
However, this form of payment comes with a substantial fee. The Simplex fee most of the time falls somewhere near 7%, which is usually higher compared to a credit card cash advance. Nonetheless, Simplex finalized transactions in the above-listed currency, not the US dollar or others. This means clients will be free from paying the extra 2–3% of foreign exchange fee when using their cards.
Previously, Binance has rolled out additional support feature for Russia’s fiat currency, with the updated facilitation for Russian ruble pairs, on its peer-to-peer trading platform.