The crypto conversion office allowed the purchase of credit cards from Thursday, January 31. In the first phase, the operators will be able to acquire three cryptoactive, through this payment method: bits (BTC), ether (ETH) and litekoin (LTC).
Through a press release, Binance points out that the processing of payments with Visa and MasterCard is now available globally and will be implemented in alliance with the launch of Simplex, which runs operations around the world.
Although the service points to the entire international market, there are restrictions in some nations or territories within the United States. "Some countries and states in the US, UU will be limited, but they are restrictions on the Simplex page, not the Binance," said a spokesman for the Digital Exchange Company.
Countries where you can not buy credit card fraud are: Afghanistan, China (some local banks do not offer support), Congo, Cuba, North Korea, Eritrea, Iran, Iraq, Cote d 'Ivoire, Kyrgyzstan, Lebanon, Libya and Sudan. In the United States it will be limited to New York, Georgia, Connecticut, New Mexico, Hawaii and Washington (VA).
From the above it follows that the purchase of cryptoactive, with credit cards on this platform, It can be done in practically all Latin American countries, with the exception of Cuba. CriptoNoticias confirmed independently that the service is already in service.
At this point, it is important to remember that the processing of payments, with this type of instrument, will be subject to the policies of local banks. In fact, some "can dismiss charges on their own terms", even if they are in the jurisdiction in which transactions can be carried out.
Rates and Boundaries
The amount of the fee that Binas charges for making the financed purchase is 3.5% per transaction or $ 10, depending on which value is higher. In addition, they estimate that the funds will be available in a purse in 10 to 30 minutes after the operation is confirmed.
The exchange house also established several restrictions on the acquisition of credit cards. The daily limit is $ 20,000 per user, the monthly limit is $ 50,000 per user, and the minimum transaction is $ 50.
Chanpeng Zhao, executive director of Binance, said that using credit cards for the purchase of encryption would ensure fast, easy and secure access to these assets.
In the past, the purchase of credit card fraud was announced. In July last year, American investment company Abra authorized the purchase of bitcoins with Visa or MasterCard. A similar announcement occurred in 2018, when the MyEtherWallet (MEW) developer ordered the purchase of ether by this credit instrument.
Historically, the acquisition of cryptoactivity by credit cards is an aspect avoided by large financial sector companies who consider that cryptoevices are unregulated or unstable areas.
Selected image by Björn Wylezich / stock.adobe.com