Binance users can now buy cryptocurrencies on the exchange using credit cards. Malta-based Binance announced support for credit card payments through a partnership with Israeli payment processor Simplex.
According to the company’s press release, the partnership provides a more direct way for global investors to purchase digital assets on Binance, the largest cryptocurrency exchange by trading volume. Previously, users often had to buy crypto on other platforms and transfer funds to Binance to trade.
“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,” said Changpeng Zhao, CEO of Binance.
With this new feature, Binance users can use Visa or MasterCard credit cards to purchase Bitcoin, Ethereum and Litecoin for the time being.
“Building fiat gateways is what we need now to grow the ecosystem, increase adoption and introduce crypto to more users,” Zhao added.
The platform said it plans to add additional cryptocurrencies to the credit card payment option over time.
Earlier this month, Binance expanded into the European market with the launch of Binance Jersey, a fiat-to-crypto exchange.
Binance Jersey supports trading with fiat currencies such as the Euro and the British Pound paired with cryptocurrencies. At the time of the launch, Binance noted that operating from Jersey could offer regulatory clarity and continuity for both UK and EU users amid Brexit uncertainty.