Binance, the world’s largest crypto exchange, has joined the fight. But does its new Binance debit card promise to be a crypto gateway? We put it through its motion.
The Binance card is, perhaps surprisingly, a crypto debit card introduced by Binance. Announced last March after the acquisition of the crypto debit card company Swipe Exchange. The Binance card was launched in European countries in September 2020.
The card supports payments with Bitcoin (BTC), Binance Coin (BNB), Ethereum (ETH), Swipe’s SXP token and its own stablecoin, Binance USD (BUSD).
Crypto holdings are converted into fiat currency in real-time during transactions. You have the option to top up your draw Fiat wallet with your default Fiat currency and draw on it.
As a Visa debit card, the Binance card can be used by more than 60 million merchants in 200 regions and territories around the world.
At the time of the announcement, Binance CEO Changpeng Zhao, commonly known as CZ. CZ said that “giving users the ability to convert their crypto and spend it directly with merchants all over the planet will make the crypto experience more consistent and pertinent.”
Applying for a Binance Card starts by ordering directly online from Binance. At the hour of composing, the Binance card is at present upheld in chose European nations, including Austria, Belgium, Ireland, Malta, Slovenia. UK crypto fans who were originally on the list of support countries can pre-order. But are currently missing from the official list, probably due to Brexit’s rather messy business. We have contact Binance for confirmation and will update this article accordingly.
If you do not already have a Binance account. You need to create one, which is as simple as providing your email address and personal details. However, it is worth mentioning that you can only apply for Binance Card if your account is KYC Level 2 verified.
In short, KYC is a way of getting to know your clients / clients which helps in verifying the identities of the people used in financial services. In other words, it helps Binance prove that you are the person you are talking to.
To achieve KYC Level 2 in Binance, you need to upload a valid ID form. Such as a passport or driving license, with proof of address verification, such as a utility bill. This may sound scary to crypto novices, but rest assure that this is a completely normal habit. Especially in exchange for something respectable like Binance.