Binance, the world’s largest crypto exchange, has announced that they have formed a new partnership with Simplex. What this means is that users of the platform will now be able to purchase select cryptocurrencies with their credit cards.
For the past year, access to crypto has been difficult. For many, credit cards were the quickest and easiest way to get your hands on Bitcoin, Ethereum, etc.
Unfortunately, in late 2017, Canadian banks and credit card issuers began cracking down on these purchases. So what options remained?
- Flexepin Vouchers
- These vouchers can be purchased with cash, both online and at Canada Post locations. They can them be redeemed on various cryptocurrency sites, allowing for access to BTC
- This site is a marketplace where people across Canada will post wanted/for sale ads of their crypto. This service acts as a bridging platform to connect people looking to buy, with people looking to sell. Purchases can then be made in a variety of ways depending on what is agreed upon by the participating parties.
- Payment in Bitcoin
- While this remains one of the easy ways to get your hands on BTC, it remains one of the least common. There are woefully few jobs that are willing, or have the capability, to pay their workforce in BTC.
To an Extent
It should be noted that the acceptance of credit cards is not worldwide. While this is a fantastic step forward on behalf of Binance, restrictions remain. Here is a list of those countries and regions that remain unable to purchase crypto with credit cards.
- North Korea
- Ivory Coast
- South Sudan
- New York
- New Mexico
Despite this positive development, the fact remains that this is just one exchange. Thankfully, it is the world’s largest exchange, and has the influence to impact operations in the industry as a whole. For now, the restrictive nature of cryptocurrencies will no doubt continue to wreak havoc on asset prices.
Simplex is a financial institution specializing in payment processing. They are headquartered in Israel, with company operations overseen by CEO, Nimrod Lehavi.
Lehavi commented on the development, stating, “Easy and fast credit card payments, for mainstream users, is a key factor in wider adoption of crypto in general. We’re thrilled to partner up with Binance and together enable a much better, fast and easy experience,”
Binance is the world’s largest cryptocurrency exchange. They are headquartered in Malta, with company operations overseen by CEO, Changpeng Zhao.
Zhao commented on this development, stating, “The crypto industry is still in its early stages and most of the world’s money is still in fiat…Building fiat gateways is what we need now to grow the ecosystem, increase adoption and introduce crypto to more users.”
“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.”