Crypto exchange Binance adds credit card support via Simplex partnership

Leading cryptocurrency exchange Binance has announced that users would now be able to buy cryptocurrencies using their credit cards directly on its website.

The credit card payments have been enabled via a partnership with payment processing company Simplex.

“We want to provide Binance traders with fast and easy access to crypto, in the most secure way possible,” said Changpeng “CZ” Zhao, CEO of Binance. “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.”

Through Simplex, Binance users can now use Visa and MasterCard to buy Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). They can then trade between more than 150 different tokens and coins on Binance.com.

“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,” said Nimrod Lehavi, Co-Founder and CEO of Simplex.

The partnership with Simplex comes as part of Binance’s efforts to expand into global markets. In the past couple of months, Binance has launched two fiat-to-crypto exchanges, with Binance.je supporting the trading of Euros and British Pounds with crypto, and Binance Uganda supporting Ugandan Shillings.

“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,” said CZ.