The possibility to buy digital currency with credit cards was added to the binance currency exchange

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binance

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With the support of credit cards such as Visa and MasterCard, binance, the world's largest digital currency exchange, made it easier to buy digital currency for users.

The binance Stock Exchange announced Thursday that it has signed a partnership agreement with Simplex to provide credit card purchases such as Visa and MasterCard.

At the beginning of launching this feature, binance Exchange users can use credit cards to buy Bitcoin, Ethereum, Litecoin, and Ripple digital currencies. Then this possibility will be applied to 151 other digital currencies on this platform.

Zhao Chngpng Director binance in this regard, said:

The digital currency industry is still in its infancy and most of the world's money is still fiat (traditional). The construction of Fiat ports is what we need to grow the ecosystem and increase the acceptability and familiarity of more users with cryptos.



According to the terms of use of the binance, some countries, such as Iraq, Cuba, Afghanistan and Libya, can not use this new feature. In the United States, residents of the six states of New York, Connecticut, Hawaii, Georgia, New Mexico and Washington can not buy digital currency bills with credit cards.

In the discussion of fees, the Simplicity platform will receive 3.5 percent of the cost per transaction, with a minimum wage of $ 10. The daily purchase limit for each user is $ 20,000 and the monthly purchase limit is $ 50,000.

The company added:

SIMPLEX payment processing company is subject to local bank policies. Some banks may reduce or prohibit the purchase ceiling according to their rules, and this is not related to the coverage of that area.

Simplyx, which was established in 2014, earned $ 7 million in February 2016 during several fundraising rounds. Major investors such as Bit Minh, Cumberland, Fredresclub (formerly invested in Quinn Base) are amongst many of the company's major investors.

In November 2018, Simpson signed a cooperation agreement with the KuCoin Digital Currency Exchange, which allowed Bitcoin, Ethereum and Litecoin to buy credit cards and debit cards.

Earlier this month, the Fiat-Cypriot Swap Offshore Officer set up Cryptow in Jersey, one of the British autonomous republics, which allows buying and selling Bitcoin and Ethereum in exchange for a pound and euro. Also, in October 2018, the binance opened a Uganda exchange offering the possibility to buy and sell Bitcoin in its current currency.

Source :coindesk             

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