Binance also allows users to purchase cryptograms via Visa credit and debit cards directly. In its announcement of December 26, Binance says that after linking its accounts to visa cards published in the European economic region. Its users will buy four cryptocurrencies directly.
Binance users can purchase four euro or pound cryptocurrencies
Upon linking the Visa Card consumers can purchase the Binance Coin (BNB) token with euro or British pounds of four cryptocurrencies like Bitcoin (BTC), Ether (ETH), XRP and Binance.
Binance plans to increase support of Mastercard and other currencies soon, according to the Announcement. The company also intends to expand the operation outside the European Economic Area to other jurisdictions.
In the past, Binance has been trying to help fund credit and debit card crypto transactions. It officially announced in September 2019 that it will be possible for consumers to purchase five Cryptos, including Bitcoin and Ether, using Visa and Mastercard using Koinal, a 2.5% charge for payments service. In several large jurisdictions worldwide, including the USA, Russland and mainland China, Koinal was then not accessible.
Cointelegraph asked Binance whether a processing fee would be charged to the new card scheme but no response was provided to the press.
Businesses with credit cards oppose crypto-trades
Worldwide, crypto-currency trading seeks to attract more consumers by widening avenues of sale and the use of digital assets. Either by introducing fiat gateways, issuing debit cards, or, in the present situation, by enabling direct crypto-buying by major payment firms.
Nonetheless, several large financial services companies have expressed concern about what they see as a risky and unchecked asset class.
In 2018, several banks prevented clients, including JP Morgan, Citibank India, and Wells Fargo, from buying digital properties with their cards. Specific bans were also levied in Britain by Lloyd’s Banking Group and Virgin Money.
So soon as more capital controls were imposed, in November 2019, the Central Bank of Argentina barred cardholders from buying cryptocurrencies on their tickets. The bank has strengthened restrictions for the dollar in its attempts to revitalize the flagging peso, in addition to restricting crypto-purchases.