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Binance.US Allows Cryptocurrency Purchase With Debit Cards

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Cryptocurrency trading platform Binance.US, launched in September, is now allowing users to buy cryptocurrencies such as Bitcoin using their debit cards. The platform currently offers to 24 tokens, compared to seven initially. It also offers 40 trading pairs to U.S. users.

The latest option adds to the existing U.S. dollar on-ramp and off-ramps, including the automated clearinghouse (ACH) and bank wire. Users can also use Binance's native token BNB to pay for trading fees to receive a discount.

In its first 30 days since launching, the Binance.US has jumped to $15 million in daily trading volume. The debit card option is now expected to help boost the trading volume further.

The platform now offers 24 cryptocurrencies including Bitcoin (BTC), BNB, Ethereum (ETH), XRP, Bitcoin Cash (BCH), Litecoin (LTC), Zcash (ZEC), 0x (ZRX), Basic Attention Token (BAT), Dash (DASH), Dogecoin (DOGE) and Tether (USDT).

Binance.US started trading for customers across most U.S. states in late September with an initial list of seven tokens - BTC, ETH, XRP, BCH, LTC, BNB and USDT stablecoin. It had announced the partnership with U.S.-based BAM Trading Services Inc. in mid-June to launch cryptocurrency trading platform in the U.S. as Binance.US.

Binance.US will initially provide desktop/mobile web access for its users and is looking to develop an app version for iOS or Android.

In February 2018, leading banks and financial firms in the US and the UK such as the Bank of America, Citigroup, JP Morgan Chase, Capital One, Discover, Virgin Money, and the Lloyds Bank had banned their customers from purchasing cryptocurrencies using credit cards. The ban, however, did not apply to debit cards.

In February this year, Binance, the world's largest crypto exchange by adjusted trading volume at that time, started allowing credit card purchases of major digital currencies. It entered into a deal with Israel-based payment processor Simplex to enable purchases with Visa and MasterCard credit cards.

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