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.
Thus, in 2018, a slew of banks banned customers from buying digital assets with their cards, including JPMorgan, Citibank India, and Wells Fargo. In Britain, Lloyd’s Banking Group and Virgin Money also enacted similar bans.
Source: binance.zendesk.com | cointelegraph.com