Binance, the largest cryptocurrency exchange, announced on Monday that users may now sell crypto for fiat using their debit and credit cards.
Users will be able to sell all cryptocurrencies for fiat and transfer funds directly to supported Visa credit or debit cards using the Sell Crypto to Credit/Debit Card feature.
Binance Introduces a Sell-Crypto-For-Fiat Option In some Countries
Binance stated on its website that it now allows direct crypto sales for 11 different fiat currencies. The currency includes UAE dirham, Australian dollar, Bulgarian lev, Czech koruna, Danish krone, Euro, British pound, Croatian kuna, New Zealand dollar, Polish zloty, and Ukrainian hryvnia.
Customers can convert their desired crypto into local fiat currency via the Binance website or app. Thereafter, users can transfer it to any credit or debit card of their choice. If the order fails, the cryptocurrency amount will be credited to the BUSD spot wallet.
To use the feature Users must complete account verification. It will also aid in the expansion of withdrawal limitations. Moreover, all transactions will take place locally, and foreign remittance of money is not enabled. The announcement includes the following note:
“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, any credit or debit card transaction in Brazil will be subject to the IOF tax.
Binance lost money in the LUNA and UST crash
Despite Binance founder “CZ” admitting to losing money in the LUNA and UST crashes, customers have praised the crypto exchange for its transparency. CZ opposes the proposed Terra fork and believes that burning tokens is the best solution. The UST crash also benefited the BUSD stablecoin.
Moreover, the crypto exchange is pursuing to expand to Europe seeking regulatory approval in nations such as Germany and Italy.
