The crypto exchange center Binance enabled the purchase of cryptocurrencies with credit cards from Thursday 31 January. In a first phase, operators will be able to acquire three cryptoactive agents via this payment method: bitcoin (BTC), ether (ETH) and litecoin (LTC).
Binance points out via a press release that the processing of payments with Visa and MasterCard is now available worldwide and will be implemented in alliance with the Simplex startup that operates worldwide.
Although the service refers to the entire international market, there are restrictions in some countries or areas within the United States. "Some countries and states in the US UU they will be limited, but they are limitations on the Simplex side, not on Binance," said a spokesperson for the digital exchange house.
The countries where you can not buy cryptoactive products with credit cards are: Afghanistan, China (some local banks do not offer support), Congo, Cuba, North Korea, Eritrea, Iran, Iraq, Ivory Coast, Kyrgyzstan, Lebanon, Libya and Sudan. In the United States it is limited in New York, Georgia, Connecticut, New Mexico, Hawaii and Washington (WA).
From the above follows that the purchase of cryptoactive, with credit cards on this platform, It can be done in almost all countries of Latin America, with the exception of Cuba. CriptoNoticias has independently verified that the service is already in use.
At this point it is important to remember that the processing of payments, with this type of instrument, will be subject to the policies of local banks. Some may even reject costs on their own terms & # 39 ;, even if they are in a jurisdiction where transactions can be performed.
Rates and limits
The rate charged by Binance for making the financed purchase is 3.5% per transaction or $ 10, whichever is higher. In addition, they estimate that the money will be available in the wallet for 10 to 30 minutes after the operation has been confirmed.
The exchange office also set different limits for the credit card takeover. The daily limit is USD 20,000 per user, the monthly limit amount is USD 50,000 per user and the minimum transaction is USD 50.
Changpeng Zhao, CEO of Binance, said that using credit cards to buy cryptocurrencies offers fast, easy and secure access to these assets.
The acquisition of cryptoactive substances with credit cards has been reported in the past. In July of last year, the American investment company Abra granted permission for the purchase of bitcoins with Visa or MasterCard. A similar announcement was made in 2018 when the developer of MyEtherWallet (MEW) ordered the purchase of ether with this credit instrument.
Historically, the acquisition of cryptoactive substances, with credit cards, was an aspect that was circumvented by large companies in the financial sector that view cryptocurrencies as an unregulated or volatile area.
Featured image of Björn Wylezich / stock.adobe.com