Leading cryptocurrency exchange Binance has introduced a new feature for its customers in the European Economic Area allowing them to purchase cryptocurrencies directly using their Visa debit and credit cards.
The Malta-based exchange made the announcement on Thursday stating that the select users will be able to bind their payments cards to their Binance accounts allowing them to buy up to four popular cryptocurrencies including the three most valuable assets Bitcoin [BTC], Ethereum [ETH] and Ripple’s XRP. Binance’s native platform token Binance Coin [BNB] is also available for purchase through this new feature.
Binance users have so far been able to purchase cryptocurrency on the platform using their Visa and MasterCard debit and credit cards but this was through payment partners such as Simplex and Koinal. However, the latest announcement shows that users will now be able to buy cryptocurrency directly without using a third party by binding their cards to their Binance accounts.
“To access this service, users can visit the “Buy Crypto” page, select an amount of EUR or GBP, click next, and then click “Add Card” to bind their Visa card,” Binance wrote in its Thursday announcement. “Once a Visa card has been added, users will be able to directly purchase tokens such as BTC, BNB, ETH, and XRP.”
Here’s a list of countries that are supported by the latest Binance feature: United Kingdom, Germany, France, Netherlands, Poland, Sweden, Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Portugal, Romania, Slovakia, Slovenia, Spain, Iceland, Liechtenstein, and Norway. These are all countries in the EU economic zone and its closest neighbors.
Binance also stated that MasterCard integration will be done soon after as well as support for more cryptocurrencies. The announcement did not speak on expansion on jurisdictional support. The introduction of this service is especially beneficial to Binance users who now will be able to purchase cryptocurrencies more cheaply as compared to the other methods of using Binance partners. The addition also theoretically will reduce transaction times as it cuts out unnecessary middlemen.