Binance, the world’s largest crypto exchange, on Monday enabled the direct selling of crypto for fiat through its debit and credit cards. The Sell Crypto to Credit/Debit Card feature will allow users to sell all cryptocurrencies for fiat and directly transfer funds to supported Visa credit or debit cards.
Binance, in an official announcement on its website, revealed enabling direct selling of crypto for 11 fiat currencies. The currencies include the United Arab Emirates dirham, Australian dollar, Bulgarian lev, Czech koruna, Danish krone, Euro, British pound, Croatian kuna, New Zealand dollar, Polish złoty, Ukrainian hryvnia.
Customers can use the Binance website or app to convert the desired crypto into local fiat currency. Thereafter, users can transfer it directly to any preferred credit or debit card. However, in case the order fails, the cryptocurrency amount will credit to the spot wallet in BUSD.
In order to use the feature, users need to complete account verification. It will also help expand withdrawal limits. Moreover, the transactions will happen in local and foreign remittance of money is not allowed. A note in the announcement says:
“These features are made available on Binance through the services of third-party partners that Binance works with from time to time and are not provided by Binance directly.”
However, users in Brazil will have to pay the IOF tax with every credit or debit card transaction.
Despite Binance founder “CZ” announcing losing money in LUNA and UST crash, the Binance crypto exchange has received appreciation from its users for its transparency. CZ is against the proposed Terra fork and claims burning tokens is the best solution. The UST crash also benefited the BUSD stablecoin.
Moreover, the crypto exchange is in talks to expand to Europe seeking regulatory approval in countries such as Germany and Italy.
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