Finally: Binance Adds Credit Card Support for Crypto Purchases

By Aubrey Swanson·31 January 2019·1 min read

Key Points

Binance traders can now buy cryptocurrencies with credit cards.
The Malta-based exchange partnered with Simplex, an Israeli payment processor, to add Visa and MasterCard support.
Investors can purchas

Binance traders can now buy cryptocurrencies with credit cards. The Malta-based exchange partnered with Simplex, an Israeli payment processor, to add Visa and MasterCard support. Investors can purchase Bitcoin, Ethereum, and Litecoin on the platform rather than buying elsewhere and transferring them in.

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"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," Changpeng Zhao, Binance's CEO, said.

The feature removes a barrier for new traders. Bank transfers and existing cryptocurrency holdings were the only ways to fund accounts at the world's busiest crypto exchange. Credit cards now give traders another option.

The exchange plans to add more cryptocurrencies to the payment option. "Building fiat gateways is what we need now to grow the ecosystem, increase adoption and introduce crypto to more users," Zhao said.

The card payment option arrives alongside Binance's expansion into Europe. The exchange opened Binance Jersey earlier this month, a platform for traders in the region accepting deposits in euros and British pounds. The Jersey base appealed to traders across the UK and EU concerned about Brexit's potential effects on their operations.

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