Binance Now Takes Credit Card Payments

By Katelyn James | February 10, 2019

Binance, the world’s largest crypto exchange by (adjusted) trade volume, has released its latest enhancement which looks set to help it retain its market lead. By partnering Simplex, an Israel-based payments processing firm, Binance now offers its users the option of buying crypto by Visa and MasterCard.

Credit card purchases are currently supported for Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Ripple (XRP). Binance boasts more than 150 tokens available for trade on its exchange.

“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,” said Binance CEO Changpeng Zhao, or CZ as he is known by in the industry.

The new feature is not entirely international in coverage, however. Some countries are not included, such as Afghanistan, Cuba, Iraq, and Libya. Neither are six US states: Connecticut, Georgia, Hawaii, New Mexico, New York, and Washington.

Simplex adds as well that its payment processing is “subject to local bank policies. Some issuer banks may decline charges on their own terms, regardless if users reside in a supported jurisdiction”.

The service does not come free either. Simplex charges a minimum $10 flat fee on top of a 3.5% commission for a purchase. The daily purchase limit for each user is $20,000 worth of crypto, while the monthly maximum per user is $50,000. Techcrunch reports that there is also a wait of 10 to 30 minutes for a purchase to be fully transacted and updated in a user’s account.

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