Binance Launches Crypto Trading With Visa and MasterCard

Ricardo Esteves

Ricardo Esteves has seen business and economics through many lenses. He joined the Financial Services Industry in 2009, and has been a financial journalist since 2011. He holds a degree in Business Administration and has experience producing real-time news, from both buy-side and sell-side, as well as for retail traders, brokers and service providers. Esteves' work has appeared in a variety of online publications including FX Street and FinanceFeeds.

Binance accepting credit card payments

Binance Launches Crypto Trading With Visa and MasterCard

February 1, 2019

Crypto-to-crypto exchange Binance has enabled users to buy cryptocurrencies with their credit cards directly on its official domain through a partnership with leading payment processing company Simplex. The new feature of accepting credit card payments for crypto is another step to support broader use and accessibility of cryptocurrency worldwide.

Changpeng Zhao, Chief Executive Officer of Binance
Changpeng Zhao, Chief Executive Officer of Binance

Changpeng Zhao, Chief Executive Officer of Binance, commented: “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, you can now buy crypto with credit cards and start trading in minutes […] The crypto industry is still in its early stages and most of the world’s money is still in fiat. Building fiat gateways is what we need now to grow the ecosystem, increase adoption and introduce crypto to more users.”

By integrating Simplex’s credit card processing solution, global mainstream users can buy and deposit funds in crypto exchanges while benefiting from a familiar e-commerce experience. With this partnership, Binance customers can use Visa and MasterCard to buy BTC, ETH, and LTC cryptocurrencies and trade between more than 150 different tokens and coins on the platform.

Nimrod Lehavi, Co-Founder and Chief Executive Officer of Simplex, said: “Easy and fast credit card payments, for mainstream users, is a key factor in wider adoption of crypto in general. We’re thrilled to partner up with Binance and together enable a much better, fast and easy experience.”

Binance, which is the world’s largest cryptocurrency exchange by trade volume, has launched two fiat-to-crypto exchanges in the past four months, and Binance Ugandan Shillings. The company’s matching engine is capable of sustaining 1.4 million orders per second, as well as 20 million simultaneous users on the platform.

In November 2018, the operator opened deposits for the USDC stablecoin and trading for USDC/BTC and USDC/BNC. The stablecoin was launched by the CENTRE Consortium, which includes competitor Coinbase.

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