Binance US Debit Card Launch: Buying Crypto With Plastic

Today’s Binance news show that the exchange has recently made another leap forward – announcing the purchase of cryptocurrencies with debit cards. The Binance US debit card launch is all over the news now and the major exchange published a blog post where it announced the entire process.

On November 1, Binance.US issued a blog post where it announced that the exchange will now offer its customers the unique possibility of purchasing cryptocurrencies with a debit card. This will join the existing US dollar on-ramp and off-ramps and include the automated clearinghouse (ACH) and bank wire.

“Starting today, users can buy cryptocurrencies on Binance.US using debit cards, joining existing USD on-ramp and off-ramps, including ACH and bank wire. Also, traders can now start using BNB to pay for trading fees to receive a discount,” the blog post reads.

As part of the Binance US debit card launch, the exchange also announced that in the first 30 days since launching, they managed to cross the $15 million mark in daily trading volume – all while increasing the token listings from seven to twenty four tokens. This brings the total number of trading pairs to US users at 40.

The exchange went live on September 24 of this year and broke the $10 million volume mark on October 23. The same month, Binance US announced that customers’ deposit funds are also eligible for FDIC insurance coverage. this means that the exchange holds its US dollar deposits in pooled custodial accounts at different banks that are insured by the FDIC (a US government agency in charge of protecting deposits and the US financial system).

Even though many regulators are pushing back against card crypto purchases, the Binance US debit card launch directly opposes initiatives like these. Last year, for instance, banks such as Lloyds, Wells Fargo and Virgin Money banned their users from purchasing crypto with cards that they issued.

“In the coming months, Binance.US will continue to expand its roadmap with a continued aim to lower barriers to entry for new and existing users,” the post concluded.

Meanwhile, reports emerged showing that the Central Bank of Argentina (BCA) prohibited citizens of the country from purchasing crypto with credit cards. This prohibition was included in a communication covering different industries in which credit card use was prohibited.

“Acquisition of Bitcoin and cryptocurrencies: It is prohibited to purchase BTC with this payment method. The only remaining alternative for this investment is to do so with funds transferred from a bank account,” the BCA stated.