Binance Allows Users To Buy Crypto Directly Through Visa Credit And Debit Cards
December 28, 2019
Binance Allows Users To Buy Crypto Directly Through Visa Credit And Debit Cards
December 28, 2019

Binance, the major global cryptocurrency exchange, now allows users to buy crypto directly through Visa credit and debit cards.

On December 26, it has been reported that Binance said that its users are able to directly purchase four cryptocurrencies after binding their accounts to Visa cards issued within the European Economic Area.

However, it has been analyzed that once the Visa card is linked, users can buy four cryptocurrencies including Bitcoin (BTC), Ether (ETH)XRP and Binance Coin (BNB), Binance’s native token with Euros or British pounds.

According to the announcement, Binance plans to add support for Mastercard and additional currencies in the near future. The exchange also aims to extend the service to other jurisdictions beyond the European Economic Area.

Previously, Binance has made efforts to support crypto purchases with credit and debit cards. In September 2019, it officially announced that its users are able to buy five cryptos including Bitcoin and Ether by using Visa and Mastercard through Koinal, a payment processing firm, for a 2.5% fee. Koinal was then unavailable in a number of major jurisdictions globally, including the United States, Russia, and mainland China

Similarly, several major financial services firms have expressed their anxiety regarding what they perceive to be a volatile and unregulated asset class.

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Thus, in 2018, a slew of banks banned customers from buying digital assets with their cards, including JPMorganCitibank India, and Wells Fargo. In Britain, Lloyd’s Banking Group and Virgin Money also enacted similar bans. 

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Ishita Bora

Ishita Bora is a content creator at Digital Notice Media Labs. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. She is an archetypal writer, who loves to create her own little world with words and locutions. Apart from this, her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, and guides.
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