Exchange News

Binance users can buy cryptocurrency with credit cards

Binance users can buy cryptocurrency with credit cards according to a press release put out by the exchange today. This was made possible thanks to their partnership with Simplex, a payment processing company.

“We want to provide Binance traders with fast and easy access to crypto, in the most secure way possible,” said Changpeng “CZ” Zhao, CEO of Binance

This comes over 11 months after Coinbase halted credit card purchases for its clients though they can still make purchases on the exchange with debit cards and other fiat currencies.

The crypto to crypto exchange which only launched in 2017 is currently the largest crypto exchange in terms of trading volume and keeps on growing. They also recently moved their base from China to the crypto friendly nation of Malta.

Last year, most credit card providers such as Visa made it difficult for their customers to make cryptocurrency purchases, an act which many back in 2017 concluded that it was due to their increasing fear of a “Crypto take over”.

This possibility will be opened for purchases of Bitcoin, Ethereum, Litecoin and XRP and hopefully, the exchnage can roll out credit card support more coins in the nearest future.

This move by the company is in a bid to make it more accesible for people to buy and invest in cryptocurrencies as it’s CEO was quoted saying;

“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,”

Binance users can buy cryptocurrency with credit cards but what does this mean for crypto prices given the fact that its experiencing a bear market?

Let us know in the comment section if you think this move will make a big impact on the market.


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