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.
https://t.co/AZwoBOy3iq Launches Debit Card Payments, Gains Momentum in First Month Exceeding $15 Million Daily Trading Volumehttps://t.co/uISYqHJAOx pic.twitter.com/AGJR98L6wO — Binance.US (@BinanceAmerica) November 1, 2019
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.
Likewise, some banks and jurisdictions have actively opposed cryptocurrency purchases with credit and debit cards. Last year, a slew of banks including Lloyds, Wells Fargo, and Virgin Money banned their users from purchasing cryptocurrencies with cards that they issued.
<img src="https://i1.wp.com/www.cryptonewspoint.com/wp-content/uploads/2019/11/credit-card-usage.jpg?fit=1024%2C576&ssl=1" alt="" class="wp-image-4428 lazyload" width="477" height="268" />
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