Besides Simplex, traders who deal with Binance will now have an additional payment processor through which they will be able to purchase cryptocurrencies directly with credit and debit cards. The announcement was published in a blog post today, where the team stated that it is looking forward to bring greater adoption and mainstream accessibility to cryptocurrencies through Koinal.
Users can now purchase BTC, ETH, LTC, BCH, and XRP with both Visa and MasterCard. The company listed several benefits of buying crypto through credit and debit cards, including fast transaction times, low fees, and convenience. Koinal charges 2.5% per transaction and takes between 5 and 20 minutes to complete the payment process.
According to the payment process official website, Koinal does not support bank cards issued from the following countries and regions: Russia, Mainland China, USA, Vietnam, Bolivia, Colombia, Ecuador, Algeria, Bangladesh, Indonesia, Jordan, Kyrgyzstan, Morocco, Nepal, Saudi Arabia, Iran, Pakistan, Taiwan, and Cambodia.
On Tuesday, Binance announced the integration of the London-based payment processor for the first time. CEO and Founder Changpeng Zhao stated that Binance desires to provide users with the easiest way to access the cryptocurrency space and that the exchange will continue building fiat-to-crypto infrastructure in an effort to increase adoption and accessibility.
The head of sales at Koinal, Caroline Holst, stated that the payment processor is thrilled to partner with Binance and enable additional payment channels for the rising digital asset economy.
Previously implemented options
Binance introduced their first payment options for credit and debit card purchases in January 2019. By partnering with Simplex, an Israel-based payment processor, Binance implemented a new way of trading fiat money for cryptocurrencies. At the time, CEO Changpeng Zhao stated that the exchange seeks to provide users with a fast and easy way to purchase crypto while keeping it as safe as possible.
Through Simplex, users can purchase BTC, ETH, BNB, XRP, LTC, and BCH with both the Euro and American dollar. Transactions take between 10 to 30 minutes to complete and charge a 3.5% fee.
Previously, Binance has launched its U.S. exchange which is led by CEO Catherine Coley. With 13 trading pairs, including a soon to be released batch of listed tokens, Binance U.S. seeks to comply with domestic regulations and protect US investors according to the law set by the U.S. Securities and Exchange Commission (SEC). The second batch of tokens will adhere to the Digital Asset Risk Assessment Framework, which was released by the SEC on 3 April 2019.
Additionally, the exchange seeks to introduce an over-the-counter (OTC) trading platform for the Chinese yuan by the next month. China is one of the leading places where investors purchase cryptocurrencies via unofficial channels, which is in a way enforced due to the nation’s rigid stance against the sector. With the new OTC platform, Binance effectively introduced platforms for two of the leading players in the cryptocurrency sector.