Customers of major crypto exchange Binance can now purchase crypto directly using debit and credit cards via payment processing firm Koinal.
2.5% fee for buying crypto from Visa and MasterCard
Binance users can now buy crypto using their Visa and MasterCard debit and credit cards, the company announced in a blog post on Sept. 25.
Using Koinal, Binance clients are able to buy five cryptocurrencies including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), XRP and Bitcoin Cash ABC (BCHABC), the post notes.
The London-based payment processor charges 2.5% per transaction, with the purchased assets on average taking five to 20 minutes to reach a Binance wallet.
Supported jurisdictions
Since Koinal payment processing is subject to local bank policies, the solution is not available in a wide list of countries and regions, Binance noted.
To date, Koinal does not support bank cards issued within Mainland China, Russia, the United States, Vietnam, Bolivia, Colombia, Ecuador, Algeria, Bangladesh, Indonesia, Jordan, Kyrgyzstan, Morocco, Nepal, Saudi Arabia, Iran, Pakistan, Taiwan and Cambodia.
Introducing the new service on Sept. 24, Binance CEO Changpeng Zhao, also known as CZ, stated that the new solution is a key milestone for driving mass adoption for crypto. CZ said:
“Freedom to convert easily between fiat and cryptocurrency is key to bringing crypto further mainstream. As the blockchain industry matures, there is more demand to bridge the two worlds than ever before.”
On Sept. 23, Binance launched trading on its U.S.-based subsidiary Binance.US, initially supporting 13 currency pairs. On Sept. 24, the exchange announced support for five more cryptocurrencies.