Major global cryptocurrency exchange Binance now allows users to purchase crypto directly through Visa credit and debit cards.

In a Dec. 26 annunciation, Binance said that its users are able to direct purchase four cryptocurrencies after bounden their accounts to Visa cards issued inside the European Economical Surface area.

Binance users can purchase iv cryptocurrencies with euros or pounds

Once the Visa bill of fare is linked, users can purchase 4 cryptocurrencies including Bitcoin (BTC), Ether (ETH), XRP and Binance'due south native token Binance Coin (BNB) with euros or British pounds.

According to the announcement, Binance plans to add together support for Mastercard and additional currencies in the virtually future. The exchange also aims to extend the service to other jurisdictions across the European Economic Area.

Binance has previously fabricated efforts to support crypto purchases with credit and debit cards. In September 2022, it officially announced that its users are able to purchase five cryptos including Bitcoin and Ether using Visa and Mastercard via payments processing firm Koinal — for a 2.v% fee. Koinal was then unavailable in a number of major jurisdictions globally, including the United States, Russia and people's republic of china.

Cointelegraph has asked Binance whether the new card scheme will incur a processing fee merely has not received a response at printing time.

Credit card firms are reluctant to facilitate crypto trades

Cryptocurrency exchanges globally are attempting to capture more users by expanded ways past which traders tin can purchase and utilise digital avails, either past adding fiat gateways, releasing their own debit cards or in the current case, allowing direct crypto purchases through major payment carriers.

Withal, several major financial services firms have expressed their trepidation regarding what they perceive to be a volatile and unregulated nugget class.

In 2022, a slew of banks banned customers from ownership digital assets with their cards, including JPMorgan, Citibank India and Wells Fargo. In Uk, Lloyd'southward Banking Group and Virgin Coin too enacted similar bans.

In Nov 2022, Argentina's cardinal bank barred cardholders from buying cryptocurrencies with their cards soon later on introducing more capital controls. In add-on to limiting crypto purchases, the bank had tightened controls for the dollar, as it attempts to revitalize the flagging peso.