Binance Enables Direct Crypto for Fiat Sales via Visa Cards

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DeFi
Binance Enables Direct Crypto for Fiat Sales via Visa Cards

On Monday, Binance, the world’s largest crypto exchange, permitted the direct sale of cryptocurrencies for fiat via its debit and credit cards. The Sell Crypto to Credit/Debit Card feature will enable users to sell all cryptocurrencies for fiat currency and transfer the proceeds directly to Visa credit or debit cards that are supported.

Binance Launches Sell-Crypto-For-Fiat Feature

After making a formal announcement on its website, Binance has disclosed that it will allow the direct sale of cryptocurrency for 11 different fiat currencies. UAE dirham, Australian dollar, Bulgarian lev, Czech koruna, Danish krone, Euro, British pound, Croatian kuna, New Zealand dollar, Polish złoty, and Ukrainian hryvnia.

Customers can utilize the Binance website or app to convert their desired cryptocurrency into their local fiat currency. Users can then transfer the money to their preferred credit or debit cards. In the event that the order fails, the cryptocurrency amount will be credited in BUSD to the spot wallet.

Users are required to complete account verification before they may utilize the feature. Additionally, it will help expand withdrawal limitations.

Moreover, all transactions will be conducted locally, and foreign remittance of money is not allowed. In the announcement, a note states:

“These features are made available on Binance through the services of third-party partners that Binance works with from time to time and are not provided by Binance directly.”

Furthermore, consumers in Brazil will be required to pay the IOF tax on every credit card and debit card transaction.

Binance Popularity Grows Amid LUNA and UST Crash

Although Binance founder “CZ” revealed that he had lost money in the LUNA and UST crash, the users of the Binance cryptocurrency exchange have praised the exchange for its transparency. CZ is opposed to the proposed Terra fork and believes that burning tokens is the wisest course of action. The collapse of the UST was beneficial to the stablecoin BUSD, as well.

The company held approximately $1.6 billion worth of LUNA in April. However, as the price of the coin has decreased by over 99% during the previous weeks, the value of the investment has fallen to just $2200.

Although the company suffered losses, CEO Changpeng Zhao claimed that he still wanted to ensure that retail investors who had lost money in the crypto collapse were reimbursed. In order to set an example, he continued, the company would ask that the Terra project team make a specific compensation payment to retail investors.

Binance Continues to Expand in the Crypto Space

In early May, Binance received a regulatory license from the French government, strengthening its operations plans across the European continent.

The regulatory license will aid the company’s objectives in Europe and represents the exchange’s first significant approval from a G-7 nation.

The entrance into France marked the most recent expansion of Binance’s global operations, following the company’s clearance to operate in Abu Dhabi in April. In March, Middle Eastern regulators also authorized the exchange to provide services in Bahrain and Dubai.

The major cryptocurrency exchange lacked a formal headquarters at the time of publication. Still, it was reportedly going to select a location “very soon” in an apparent effort to appease regulators — many countries’ authorities had previously issued warnings that Binance was not authorized to provide its services to residents.

In addition, the cryptocurrency exchange is in discussions to expand to Europe, seeking regulatory approval in nations including Germany and Italy.

Rony Roy

Rony Roy is an electrical engineer turned tech author in the Cryptocurrency space. He got block-chained in 2012 and fell in love with tech and its use-cases and has been writing his way through innovations in this emerging sector. Over the years, he has worked with multiple Blockchain projects and premier cryptocurrency exchanges both national and international.