Binance or BNB, the world’s largest cryptocurrency exchange, announced on Monday that it would allow direct cryptocurrency sales for fiat using its debit and credit cards.
Users will be able to sell any cryptocurrency for fiat currency using the Sell Crypto to Credit/Debit Card tool. They can also transfer the funds directly to supported Visa credit or debit cards.
Sell-Crypto-for-Fiat-Feature
Binance has revealed that it will allow the direct selling of cryptocurrency for 11 different fiat currencies after issuing a public announcement on its website. Euro, British pound, Croatian kuna, New Zealand dollar, Polish zoty, and Ukrainian hryvnia.
Customers can change their selected cryptocurrency into their local fiat currency via the Binance website or app. The money can then send to the users’ preferred credit or debit cards. If the order fails, the crypto will credit to the spot wallet in BUSD.
Before they may use the feature, users must first complete account verification. It will also aid in the expansion of withdrawal restrictions.
Furthermore, all transactions will carry out locally. Money remittances from abroad are prohibited. These functionalities made available on Binance, according to the statement. This accomplishes through the services of third-party partners with whom Binance collaborates on occasion and not offered by Binance directly.
Additionally, every credit card and debit card transaction in Brazil will be subject to the IOF tax.
BNB Popularity Grows
The founder of Binance, “CZ,” admitted that he lost money in the LUNA and UST crashes. Regardless, Binance crypto exchange users have complimented the exchange for its transparency. CZ opposes the proposed Terra fork and believes that the best course of action is to burn tokens. The collapse of the UST was also advantageous to the stablecoin BUSD.
In April, the corporation held around $1.6 billion in LUNA. However, because the price of the currency has dropped by nearly 99 percent in recent weeks, the investment is now only worth $2200.
Changpeng Zhao, the company’s CEO, stated that he still wanted to ensure that retail investors who had lost money due to the cryptocurrency crash gets compensated. This is despite the fact that the company has lost money. To set an example, the Terra project team will require to pay a certain compensation amount to retail investors.
BNB’s Continuous Expansion
Binance grants a regulatory license by the French government in early May. This bolstered the company’s operating strategies across Europe.
The regulatory license will help the corporation achieve its European goals. This is the first significant permission from a G-7 country for the exchange.
Binance’s entry into France was the most recent extension of the company’s global operations. This came after the company granted permission to operate in Abu Dhabi in April. Middle Eastern regulators gave the exchange permission to operate in Bahrain and Dubai in March.
At the time of publication, the biggest cryptocurrency exchange lacked a formal headquarters. Despite this, it was apparently planning to choose a location “very soon” to placate authorities. Many governments previously warned that Binance was not authorized to provide services to their citizens.
Furthermore, the cryptocurrency exchange is pursuing regulatory approval in countries such as Germany and Italy in order to grow into Europe.
