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Binance now accepts credit card payments for crypto

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Largest crypto exchange by trade volume, Binance on Thursday announced that it has started accepting both debit and credit cards for crypto payments.

Traders making use of Binance need not deposit fiat into the platform because it is a crypto-to-crypto exchange; however, its sudden approval of debit and credit cards on its platform makes way for a fiat onramp for users globally.

 

In a news release, Binance’s CEO Changpeng Zhao said that:

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We want to provide Binance traders with fast and easy access to crypto, in the most secure way possible. With most of the world’s money still resting in fiat, building fiat gateways is what we need now to grow the ecosystem and create more long-term opportunities for crypto.

 

Binance is yet to take over the audience of crypto venues based in the U.S, despite holding a strong position in Asia. However, with this new implementation, things may change which will lead to Coinbase facing a strong and direct competition from Binance. A Binance spokesperson in an interview with The Block said that:

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Some countries and states in the U.S. will be limited but those are limitations from the Simplex side, not Binance's.

 

In the past, acceptance of credit cards for the purchase of crypto somehow backfired. Issuers of credit cards didn’t buy the idea of permitting their users to buy crypto with credit. For example, U.K-based Lloyds Bank, following the moves already made by Citigroup and JPMorgan, prohibited their clients from buying crypto in 2018. The Commonwealth, which happens to be the largest retail-aimed bank in Australia, prevented its customers from using their Commbank credit cards in purchasing digital assets because of the extremely volatile nature of cryptos. This has led people into asking how long Binance can stay accepting credit card payments.

Initially, Binance will allow users to utilize their credit or debit cards to purchase Bitcoin, Ethereum, Litecoin and Ripple. To back this new service, the exchange has formed a partnership with Simplex. Simplex CEO and co-founder Nimrod Lehavi said:

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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.

 

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