Binance.US
Binance.US Now Lets Users Purchase Cryptocurrency With Debit Cards
November 3, 2019
Binance.US
Binance.US Now Lets Users Purchase Cryptocurrency With Debit Cards
November 3, 2019

Customers of the United States-based branch of Binance.US, the major crypto exchange Binance, can now purchase cryptocurrencies using their debit cards.

On November 1, in a blog post, Binance.US announced that the exchange will now offer its customers the possibility to purchase cryptocurrencies with a debit card by joining existing U.S. dollar on-ramp and off-ramps which include the automated clearinghouse (ACH) and bank wire.

However, Binance.US also announced that in its first 30 days since launching, the exchange jumped to $15 million in daily trading volume, while increasing its token listings from seven to twenty-four tokens, bringing a total of 40 trading pairs to U.S. users.

The exchange went LIVE on September 24, this year and broke the $10 million volume mark on October 23.

In October, the exchange announced that customers’ deposit funds are also eligible for FDIC insurance coverage, meaning that the exchange holds its U.S. dollar deposits in pooled custodial accounts at different banks that are insured by the FDIC, the United States government agency designed to protect deposits and the U.S. financial system. 

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Likewise, some banks and jurisdictions have actively opposed cryptocurrency purchases with credit and debit cards. Last year, a slew of banks including LloydsWells Fargo, and Virgin Money banned their users from purchasing cryptocurrencies with cards that they issued.

It has been reported by Cointelegraph that the Central Bank of Argentina (BCA) prohibited citizens of the country from purchasing cryptocurrencies by using their credit cards. The prohibition on crypto purchases was included in a communication covering different industries in which credit card use was limited or prohibited.

Thus, BCA stated: 

“Acquisition of Bitcoin and cryptocurrencies: It is prohibited to purchase BTC with this payment method. The only remaining alternative for this investment is to do so with funds transferred from a bank account.”

Source: cointelegraph.com


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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, featured articles, and guides.
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