Binance.US Facilitates Cryptocurrency Purchase With Debit Cards

The US subsidiary of Binance cryptocurrency exchange stated that it is facilitating clients to buy cryptocurrencies using a debit card.

Specifically, customers of the US branch of top cryptocurrency exchange Binance, Binance.US, will be able to purchase cryptocurrencies using debit cards, in addition to bank wire, automated clearinghouse (ACH) and US dollar on/off-ramp tokens.

Binanace.US revealed that the exchange hit $15 million in daily trading volume in first month of launch, with the number of listed tokens increasing from seven to twenty-four, taking the aggregate to 40 trading pairs to US clients.

It can be remembered that the exchange went live on September 24, 2019 and crossed the $10 million trading volume on October 23.

Last month, the exchange stated that customers’ deposits are protected via FDIC insurance coverage, implying that the exchange keeps the US dollar deposits in unsegregated custodial accounts at various banks that are covered by FDIC, an organization tasked with the responsibility of safeguarding public money and the US financial system.

Notably, some jurisdictions and financial institutions have vehemently opposed cryptocurrency buying with debit and credit cards. Last year, a series of banks including Wells Fargo, Lloyds and Virgin Money issued a blanket ban on using their cards for the purchase of cryptocurrencies.

Earlier this week, the Central Bank of Argentina (BCA) barred its citizens from buying cryptocurrencies using credit cards. The ban on crypto buying was part of a message covering various industrial sectors where credit card use was banned or restricted.

The document released by the Central Bank of Argentina stated:

“Acquisition of Bitcoin and cryptocurrencies: It is prohibited to purchase BTC with this payment method. The only remaining alternative for this investment is to do so with funds transferred from a bank account.”