Binance, now allows the purchase of digital currencies with Visa credit and debit cards. Once the card is linked, users can buy 4 cryptocurrencies – Bitcoin (BTC), Ether (ETH), XRP and Binance Coin (BNB) – with Euros or pounds.
According to the announcement, Binance plans to add support for Mastercard and other currencies in the near future. The exchange also aims to extend the service beyond the European Economic Area, according to Cointelegraph.
In September 2019, Binance announced that users can buy 5 cryptocurrencies, including Bitcoin and Ether with Visa and Mastercard through the Koinal payment processing company, for a commission of 2.5%. But Koinal was not available in several major regions and countries worldwide, including United States, Russia and mainland China.
Cryptoexchanges around the world are trying to reach more users by expanding ways in which people can buy and use digital assets, either by adding “fiat” payment gateways, by launching their own debit cards or, in this case, allowing direct purchases of cryptocurrencies through main means of payment.
In 2018, a number of banks including JPMorgan, Citibank India and Wells Fargo, banned their customers from buying cryptocurrencies with their cards. In Britain, the Lloyd’s Banking Group and Virgin Money also enacted similar bans according to Cointelegraph.
In November 2019, The Central Bank of Argentina prohibited cardholders from buying cryptocurrencies with their cards shortly after introducing more capital controls. In addition to limiting cryptocurrency purchases, the bank had strengthened its controls on USD.
