On January 31, 2019, after less than two weeks from the Binance Jersey launch, the most famous crypto-to-crypto exchange announced a partnership with the leading payment processing company – Simplex.
Credit Card Payments – Now On Binance
By providing this option, Binance is supporting a broader use and accessibility of cryptocurrency worldwide. Moreover, this partnership could increase the cryptocurrency adoption by allowing people the purchase of cryptocurrency in a much simplified way and secure way.
Changpeng “CZ” Zhao, CEO of Binance, further declared:
“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.”
Binance is now the leading cryptocurrency exchange with more than 1.4 million orders per second supported. Their trading volume is the largest in the world and the platform offers one of the fastest ways to purchase cryptocurrency. Nimrod Lehavi, Co-Founder and CEO of Simplex, added further:
“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,”
Changpeng “CZ” Zhao concluded the announcement with,
“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,”
For the moment, only BTC, ETH, LTC and XRP would be available to buy with credit cards. A transaction using the credit card will take between 10 and 30 minutes. The fee is a pretty small one – 3.5% or 10 USD, whichever is higher.
What is Simplex
In case you’re not familiar with Simplex, we’ve summarized in a few sentences everything you need to know about them. Simplex is a FinTech company created to provide fraudless payment processing solutions. They process credit card payment with a 100% zero fraud guarantee. In case of a chargeback, Simplex will pay the fees to the merchant. To guarantee fraudless payments, Simplex uses AI proprietary technology.
Notice: Simplex payment processing is subject to local bank policies. Some issuer banks have their own terms regarding where and when those cards can be used, and may decline the charge on their side, regardless if users reside in a supported jurisdiction. For more information on issuing banks and restrictions, please refer to Simplex FAQ. (https://www.simplex.com/kbtopic/faq/)
More information about this partnership on Binance.