In an unprecedented move that has left many crypto traders excited, the crypto exchange known as Binance has announced a partnership with the leading payment processing firm of Simplex to allow users to purchase cryptocurrencies using their credit and debit cards on the trading platform.
This new feature is now available for Binance users and can be found on the ‘Funds’ tab. Once clicked, the user then selects ‘Buy with credit card’. The purchase amount in crypto is then keyed in and the users is redirected to Simplex’s checkout platform. Once on Simplex, the secure site asks for the regular personal information such as name, email, phone number and billing address. The user is then directed to key in their credit/debit card details that will enable Simplex to process the transaction.
Instant Bridge Between Credit Cards and Crypto
Binance CEO, Changpeng Zhao, explained that the new partnership with Simplex will bridge the gap between crypto and credit card payments on the platform.
We want to provide Binance traders with fast and easy access to crypto, in the most secure way possible.
Partnering with Simplex allows us to instantly bridge the gap between credit card payments and crypto for traders globally. On Binance.com, you can now buy crypto with credit cards and start trading in minutes.
CZ also took to twitter to explain that the credit card payments were still in the initial stages of testing and that Simplex currently does not support all credit cards. His full tweet can be found below.
