Binance Expands Fiat Options for Cryptocurrency Purchases

More Choices at Your Fingertips

Binance has officially expanded its horizons, adding 15 new fiat currency options for Visa and Mastercard purchases. This feisty move was made possible through a partnership with Simplex, and it kicked off on February 14. With this update, crypto enthusiasts around the globe can snag coins with more currency flexibility than ever. The supported currencies now include:

British Pound Sterling (GBP)
South Korean Won (KRW)
Russian Ruble (RUB)
Australian Dollar (AUD)
Swiss Franc (CHF)
Czech Koruna (CZK)
Danish Krone (DKK)
Norwegian Krone (NOK)
New Zealand Dollar (NZD)
Polish Złoty (PLN)
Swedish Krona (SEK)
Turkish Lira (TRY)
South African Rand (ZAR)
Hungarian Forint (HUF)
Israeli Shekel (ILS)

How It Works

Users can take advantage of this new option via the “Buy Crypto” page, which allows purchases of prominent cryptocurrencies including:

Bitcoin (BTC)
Binance Coin (BNB)
Ether (ETH)
Bitcoin Cash (BCH)
Litecoin (LTC)
XRP

No one said buying crypto was free. In fact, the Simplex fees for these transactions hover around a noteworthy 7%. When compared to a typical credit card cash advance, it leans towards the pricey side, but there’s a silver lining—Simplex accommodates settlements in the currency of choice. Translation: avoid those pesky card foreign exchange fees, which typically range from 2-3%!

Say Goodbye to Currency Confusion

A key feature of Binance’s latest expansion is the emphasis on user convenience. Transacting in local currencies not only reduces exposure to unexpected fees but also simplifies the process for users wary of currency conversion. Imagine not having to scratch your head over confusing exchange rates at checkout! That’s the dream, right?

Binance’s Push for Diverse Payment Options

The push for more fiat options isn’t just a one-off affair. Recently, Binance made headlines by integrating Russian Ruble support on its Peer-to-Peer exchange platform, which is a clear indicator of its commitment to providing low-cost alternatives for users. This peer-driven system relies on individuals facilitating exchanges, making transactions cheaper and much smoother.

The Road Ahead

Binance isn’t stopping here. They’re actively rolling out a program initiated in January aimed at onboarding more currency merchant partnerships, making the platform even more appealing to international users. As Binance continues to capture the spotlight, one can only wonder what other currencies might be coming up next. With the ever-evolving landscape of cryptocurrency, staying updated is key!