Binance Users Can Now Buy Four Cryptos with Visa Credit and Debit Cards

Major global cryptocurrency exchange Binance now allows users to buy crypto directly through Visa credit and debit cards.

In a Dec. 26 announcement, Binance said that its users are able to directly purchase four cryptocurrencies after binding their accounts to Visa cards issued within the European Economic Area.Binance users can buy four cryptocurrencies with euros or pounds.

Once the Visa card is linked, users can buy four cryptocurrencies including Bitcoin, Ether, XRP and Binance's native token Binance Coin with euros or British pounds.

Binance has previously made efforts to support crypto purchases with credit and debit cards.

In September 2019, it officially announced that its users are able to buy five cryptos including Bitcoin and Ether using Visa and Mastercard via payments processing firm Koinal - for a 2.5% fee.

Cointelegraph has asked Binance whether the new card scheme will incur a processing fee but has not received a response at press time.

Credit card firms are reluctant to facilitate crypto trades.

Cryptocurrency exchanges globally are attempting to capture more users by expanded ways by which traders can purchase and use digital assets, either by adding fiat gateways, releasing their own debit cards or in the current case, allowing direct crypto purchases through major payment carriers.

In 2018, a slew of banks banned customers from buying digital assets with their cards, including JPMorgan, Citibank India and Wells Fargo.

In November 2019, Argentina's central bank barred cardholders from buying cryptocurrencies with their cards soon after introducing more capital controls.