World’s Largest Crypto Exchange Binance Adds Credit Card Support For BTC, LTC, ETH And XRP

Possibly the world’s largest cryptocurrency exchange-Binance announced that the company now lets users buy the largest cryptocurrencies by market cap with their Credit Card and it’s a great way to start the evening altcoin news today.

Currently based in Malta, the exchange giant announced its partnership with a payment processing company named Simplex in order to allow users to buy their favorite coins by using their credit cards.

Users can now buy Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), and Ripple (XRP) using Mastercard and Visa credit cards. The coins can later be traded with the other 150 tokens available on the platform.

CEO Of Binance Chengpeng Zhao said:

 “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.”

Binance operated as a crypto-to-crypto trading platform from the day it was launched but it seems that the company has a great expansion plan with them moving to a fiat territory in try to win over fiat entities such as Coinbase.

Back in 2018, Binance introduced the first fiat pairs by launching a crypto exchange in Uganda where users can now buy crypto using the Ugandan Shillings. The company also launched another exchange in Jersey that allows the users to buy crypto with British Pounds and even Euros.

However, banks are not really happy with users being able to purchase cryptocurrency using credit cards. Many popular banks such as JP Morgan and Citigroup restricted their users from buying bitcoin, ethereum or any other coin with credit cards mainly because cryptocurrencies are known to be extremely volatile.