Binance has added 15 additional fiat currency options for Visa and Mastercard purchases on its platform. Since Feb. 14, the exchange’s partner Simplex can be used to buy crypto across many countries in the world.
The list of supported currencies has been expanded to the British pound sterling, South Korean won, Russian ruble, Australian dollar, Swiss franc, Czech koruna, Danish krone, Norwegian krone, New Zealand dollar, Polish złoty, Swedish krona, Turkish lira, South African rand, Hungarian forint, and Israeli shekel.
Binance users can utilize this option via the Buy Crypto page, which allows purchases of a select list of cryptocurrencies: Bitcoin (BTC), Binance Coin (BNB), Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC) and XRP.
The option is not cheap, however. The Simplex fee is usually around 7%, which is generally more expensive than a credit card cash advance. However, Simplex settles the transactions in the chosen currency, instead of U.S. dollars or others. This means that many users avoid their card’s foreign exchange fee, which is usually 2–3%.
Binance is increasingly appearing in the spotlight for adding more fiat exchange options. The exchange added Russian ruble support to its Peer-to-Peer exchange platform recently. This option is also available from the Buy Crypto page, promising much lower fees.
The system relies on independent peers facilitating the exchange. Binance is also making efforts in adding more currency merchants through a program launched in January.