It is no secret that Binance is a crypto tentacle with its feelers sprouting across the whole industry. Started out as a centralized spot exchange, Binance burgeoned into other verticals as it launched its own BNB coin, chain, “decentralized exchange”, platform for ICO launches – Binance Launchpad, staking as a service, margin and futures trading and now they announced a plan to launch their own Binance crypto debit card.
This means competition for popular crypto credit/debit cards like Wirex, Coinbase, Crypto.com and others.
So we will review the news and see what will Binance crypto card offer to its users and should you apply for one (if you live in a country that will be eligible for the card).
Binance Crypto Card announcement
The news was broken by one of the leading scoopers in the crypto journalism, The Block. They put the news out an hour or two before an official Binance announcement that stated:
“The Binance Card is issued by Visa and accepted by more than 46 million merchants in 200 regions and territories, which makes shopping with crypto easier than ever before.”
How to get Binance Card?
You can apply for the Binance crypto card here: https://card.binance.com/en/. You will get a notification once the card is available in your country.
How does Binance Card work?
It will be issues by VISA and accepted worldwide, just as any regular Visa Credit/Debit Card is. The card will be tied to your Binance account and the conversion from crypto to fiat will be instantly happening at the point of sale – POS stand.
Binance is also developing an ancillary Binance Card App that will be a mobile interface to manage the card funds.
The card is currently in BETA version and will be slowly rolled out globally. Initially, it will only be available in certain countries, like Malaysia where it is tested right now.
Ordering the card costs $15, though the company promises that there will be no monthly or yearly maintenance fees.
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How to transfer funds to the Binance Card?
As the official announcement explains:
“You simply top-up your card with funds through the Binance Card App in the form of Bitcoin or BNB, and you’re ready to go. It’s as simple as transferring BNB from one wallet to another. Your card will then use this balance for your card payments and automatically deduct all expenses from the balance every time you make payment. The Binance Card will be accepted by more than 46 million merchants offline and online in 200 regions and territories, which makes shopping with crypto easier than ever before.”
Do I need to verify my account on Binance to apply for card?
Yes, Binance requires a full KYC in order to approve your Binance Card application.
Binance Crypto Card – Final thoughts
As you can see, there is still limited info about the card for now. We will update this post as the new info comes out and one of our staffers receives his card so he can do a full, hands on review.
CaptainAltcoin’s writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com