Binance is the world’s largest crypto exchange by volume. Over the years it has made immense progress and has built a dedicated community of crypto enthusiasts around them. In less than 3 years’ time, Binance has made its way to the top by making some innovative decisions and a utility token (BNB) that has seen massive growth in its utility and worth.
Binance is also one of the cleanest exchanges among the top 10 exchanges in the market. It is reported to have less than 10% of wash trading volume compared to some others that have fake volumes that sometimes exceed 80%.
The exchange has been playing a huge role in making cryptocurrencies more accessible by adding new fiat gateways for multiple fiat pairs from all across the globe. In an interview with Block Journal, company CEO Changpeng Zhao talked about the exchange’s rapid progress saying:
“In the past months or so we added five different fiat pairs, like Euro, Nigeria’s NGN, Russian Rubles, KZT, UAH Ukraine, so we are going to add more fiat from all around the world.”
The exchange had also added the option of purchasing crypto with credit and debit cards in selected regions back in September 2019. Customers were able to purchase crypto via a payment processor, with their Visa and MasterCard credit and debit cards.
The London-based payment processor Koinal would let Binance clients buy five cryptocurrencies including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), XRP and Bitcoin Cash ABC (BCHABC). Talking about the new service, Zhao had said:
“Freedom to convert easily between fiat and cryptocurrency is key to bringing crypto further mainstream. As the blockchain industry matures, there is more demand to bridge the two worlds than ever before.”
The exchange on December 26th announced that it has now enabled direct purchases of four cryptocurrencies after users bind their accounts to their Visa cards that are issued within the European Economic area. Once the card is added, customers can now purchase Bitcoin (BTC), Ether (ETH), XRP and Binance’s native token Binance Coin (BNB) with euros or British pounds.
The announcement further reads that the company has plans to add support for Mastercard and additional currencies in the future with the service extended to other jurisdictions beyond Europe.
While Visa is making it easier for consumers to buy crypto, other major card issuers are barring users from purchasing crypto with their cards stating lack of mainstream acceptance and the high risks of fraud, losses, and volatility in the cryptocurrency market.
Binance US has also been a huge success among customers residing in the United States. This goes to show the faith people have on this brand. The exchange managed to hit $10 million in daily trading volume in a month and tripled its liquidity within a week from launch.
The exchange’s launch of 125x cryptocurrency trading leverage has also been a major hit among consumers but the service comes with various risks associated with it due to the volatile and unpredictable nature of cryptocurrencies, as the company warned investors.
Binance is leading the crypto revolution by playing a key role in the modern crypto market. It has grown beyond being just an exchange. It is a beacon of light that radiates what a crypto business can become and how blockchain and cryptocurrencies are a step towards the future of money.