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Binance Users Can Now Pay for Cryptocurrency With Credit Cards (coindesk.com)

Posted by msmash on from the for-the-record dept.

Binance, the world's largest cryptocurrency exchange based on trading volume, now lets users spend money they don't have thanks to the additional support for credit cards from Visa and Mastercard. From a report: The exchange announced Thursday that it has partnered with Israel-based payments processing firm Simplex to enable purchases with Visa and MasterCard credit cards. At launch, the exchange is supporting credit card purchase for bitcoin (BTC), ether (ETH), litecoin (LTC) and XRP. These can then be traded against up to 151 other tokens offered by the exchange. "The crypto industry is still in its early stages and most of the world's money is still in fiat," said Binance CEO Changpeng Zhao. "Building fiat gateways is what we need now to grow the ecosystem, increase adoption and introduce crypto to more users."

10 of 39 comments (clear)

  1. Gamble with Debt is a bad idea. by jellomizer · · Score: 1

    As long as the price is growing faster then your credit card interest, you are good. You keep on buying more currency and just charge back enough to bring your balance down, then you buy more. Free money.

    However... If the price falls, you are in a lot of debt.

    This is why using debt devices to buy investments are often highly regulated and often illegal.

    --
    If something is so important that you feel the need to post it on the internet... It probably isn't that important.
    1. Re:Gamble with Debt is a bad idea. by jellomizer · · Score: 1

      For that reason you should only be allowed to use debit cards.
      Credit Cards let you pay for things that you do not have money to pay for yet. People who are good with their money, would pay off their card in cash within 30 days to avoid interests. But people who try to egg the system, to get free cash, rarely are actually good with their money.

      --
      If something is so important that you feel the need to post it on the internet... It probably isn't that important.
  2. People keep money in cars? by Austerity+Empowers · · Score: 3, Funny

    I have money in banks, investment funds, my wallet, my dresser... I don't keep more than some loose change in my car. Hell I don't even own a Fiat.

    Definitely we need to get our money out of Fiats.

    1. Re:People keep money in cars? by TeknoHog · · Score: 1

      USD is a Fiat currency. Bitcoin is a Ferrari currency.

      --
      Escher was the first MC and Giger invented the HR department.
  3. Title seems wrong. by Gravis+Zero · · Score: 3, Informative

    Binance, the world's largest cryptocurrency exchange based on trading volume...

    Seems like the title should read "Money Laundering Outfit Now Accepts Credit Cards".

    --
    Anons need not reply. Questions end with a question mark.
    1. Re:Title seems wrong. by drinkypoo · · Score: 1

      Seems like the title should read "Money Laundering Outfit Now Accepts Credit Cards".

      How about "New Way to Steal Funds via Credit Card"?

      --
      "You're right," Fisheye says. "I should have set it on 'whip' or 'chop.'"
    2. Re:Title seems wrong. by bill_mcgonigle · · Score: 1

      Seems like the title should read "Money Laundering Outfit Now Accepts Credit Cards".

      So how much do you know about Binance's KYC/AML requirements? Keep talking ...

      --
      My God, it's Full of Source!
      OUTSIDE_IP=$(dig +short my.ip @outsideip.net)
  4. Credit cards aren't just for poor people ... by fahrbot-bot · · Score: 2

    Binance ... now lets users spend money they don't have thanks to the additional support for credit cards from Visa and Mastercard.

    Um... I pay off my CC in full *every* month and have done so since I got the things. They're used for convenience, safety and payment consolidation, not because I don't have the $$ at the time of purchase. They disconnect my bank account from the end-transactions - and I get a short float on my expenses.

    --
    It must have been something you assimilated. . . .
    1. Re:Credit cards aren't just for poor people ... by Anonymous Coward · · Score: 1

      You sound like the kind of responsible person that wouldn't buy crypto currency.

      This isn't for you.

  5. Oh thank god... by sajavete · · Score: 1

    ... it's a company. I would really have hated such a cheesy word to have started going around.