FinCEN Regulated Crypto Exchange Launches Its Own Debit Card

A FinCEN regulated crypto exchange just launched a new debit card that allows the holders to pay for services and goods in crypto in the US as we are reading in the US crypto regulation news.

CoinZoom, a FinCEN regulated crypto exchange based in Utah, stated it would start onboarding new retail clients and will offer a new Visa payment card that will convert cryptocurrencies into the US dollar. CoinZoom has to comply with the local regulations which include regulations regarding consumer protection and know-your-customer requirements but it also has a license for transferring money in the US as well as in Australia.

The crypto exchange supports more of the major cryptocurrencies such as Ethereum and Bitcoin in pairs with the US dollar, provides a fiat gateway into the asset class. The exchange also includes a staking facility for selected proof-of-stake coins which include rewards for the coin holders. The exchange has already an available app for trading for Apple iOS devices which can also be used as a remittance solution according to the exchange’s founder and CEO Todd Crosland:

 “CoinZoom is not only the first U.S. cryptocurrency exchange to provide a Visa card to its customers, but also offers … industry-first features like ZoomMe, CoinZoom’s free Peer-to-Peer crypto and fiat payment system.’’

The US-based crypto exchange Coinbase as per the reports in the US crypto regulation news, also had registered MSB with the FinCEN and released its own Visa-backed debit card but only for the users that are based in the United Kingdom and other members of the European Union. The exchange even announced that they had just integrated the Coinbase Card with Google Pay.  The Coinbase Card will allow customers residing in the European Union or the European Community to spend multiple cryptocurrencies as part of the deal. While the debit card itself can function globally, it still cannot be ordered by people who are residing outside of the European Union. As the Coinbase news today show, the card is seeing the most usage in the United Kingdom followed by Italy, France, and Spain.

Coinbase is now a principal issuer of Visa debit cards and through the direct integration with the company, the exchange promises that it will be able to provide additional services as well as support more markets. They also asserted that it is the first “pure-play crypto company” which will become a principal member.