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Leading exchange Binance recently announced that users can now make payments for crypto using a debit/credit card.
Binance has added support for credit and debit card payments through Apple Pay and Google Pay. The leading crypto exchange announced on its official site, with further details on the feature. According to the company, users from the United Kingdom (UK) and European Economic Area (EEA) countries can carry out crypto purchases with their cards.
Binance also points out that users must first satisfy account verification requirements. Completing the verification process is a prerequisite to using their debit or credit cards to buy the digital currencies listed on the exchange.
The announcement also states that the Binance card payments scheme is possible through the services of third-party partners. As such, the crypto exchange is not directly responsible for providing such services and features. Instead, the Changpeng Zhao-led company explains that it only works with these partners on occasion.
Binance also points out that all card payments are local and will not support foreign remittances. Lastly, the popular exchange says card-paying users in Brazil will have to pay the IOF tax charge on every Binance card transaction.
Guide to Using New Binance Debit/Credit Card Payments Feature
Binance provided a run-through of how card users can buy digital currencies with Google Pay and Apple Pay. The process starts by logging into their Binance account, selecting “Buy Crypto,” and then clicking “Credit/Debit Card”. The next step sees buyers enter their desired fiat amount for the transaction, after which the system automatically displays the amount of receivable crypto.
Afterward, users proceed to buy crypto using either of the available Google Pay or Apple Pay options before confirming their orders. However, Binance specifies that users only have 1 minute to confirm the orders. People who take longer may have to complete their transactions at different prices, as the feature will recalculate based on the current market price. Users will have to click the “Refresh” button to complete the transaction based on the new price. The exchange will charge a 2% commission on each transaction.
After satisfying these steps, the buyer will be redirected to their Google Pay or Apple Pay transaction page. Here, they will follow onscreen instructions to confirm payment, and once payment is complete, they can view the transaction history under “View Wallet.”
Binance U-Turn on FTX Acquisition
The Binance card payments feature comes amid other noteworthy developments regarding the company. Yesterday, Binance decided against acquiring embattled rival FTX and officially backed out of the deal. Less than 48 hours ago, it was widely assumed that Binance would step in and salvage the Sam Bankman-Fried-led organization from financial despair. However, after reviewing FTX’s financials amid other preliminary developments, Binance said it would not go ahead with the deal. This decision now leaves FTX on the cusp of insolvency.