Binance Cryptocurrency Exchange Now Accepts Visa and Mastercard Credit Cards

Binance has enabled debit and credit cards payments to purchase cryptocurrencies on its crypto trading platform.

Simplex will power the credit card processing on Binance in terms of USD and EUR fiat currencies.
Founded in 2014, Israel based Simplex is a FinTech company processes credit card payments with a 100% zero fraud guarantee

Binance is the largest cryptocurrency exchanges in the world according to data by the coinmarketcap portal. The users of Binance will able to use their Visa and Mastercard to buy Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Ripple (XRP). However, XRP was not available when we checked binance credit card page.  (See Image)

Executive Opinion

CEO of Binance, Changpeng “CZ” Zhao, said, “We want to provide Binance traders with fast and easy access to crypto, in the most secure way possible. Partnering with Simplex allows us to instantly bridge the gap between credit card payments and crypto for traders globally. On Binance.com, you can now buy crypto with credit cards and start trading in minutes,” he further added, “The crypto industry is still in its early stages and most of the world’s money is still in fiat. Building fiat gateways is what we need now to grow the ecosystem, increase adoption and introduce crypto to more users.”.

Co-Founder and CEO of Simplex, Nimrod Lehavi, said,  “Easy and fast credit card payments, for mainstream users, is a key factor in wider adoption of crypto in general. We’re thrilled to partner up with Binance and together enable a much better, fast and easy experience,”

The global reach of trading Platform

The global cryptocurrency market is bearish, however, startups in the space are continuously launching their innovative fintech products. Binance is also looking to expand their global reach and use of credit card to buy BTC, ETH and LTC will possibly increase the trading volume on their crypto-trading platform further north.

Recently, Binance also launched its Binance.je crypto exchange supporting the trading of Euros and British Pounds with crypto and binance.co.ug crypto exchange supporting Ugandan Shillings.

It should be noted that Simplex payment processing at Binance is subject to local bank policies. In India, bank blocked credit cards of users who are dealing with crypto transactions with their credit cards according to Businesstoday report.