Binance Improves Fiat Payments Service with Banxa Partnership

Binance Improves Fiat Payments Service with Banxa Partnership

Binance has increased the speed of their payment services after they formed a partnership with the global payment solution, Banxa.

The improvements that will come as a result of the Banxa deal will be most prominently felt by users who choose to deposit to the platform via Great British Pounds (GBP) or Australian Dollars. Although there will be positive effects for traders who also deposit to Binance with Euros also.

All traders that use these currencies should now be able to benefit from faster transaction speeds and thus, a more streamlined process when they are attempting to buy crypto via these fiat currencies. This can be utilised when users head over the buy crypto page of Binance and select the Faster Payments (FPS) option. This will then ensure the system provides the users with a near-instantaneous and low-fee transactions.

Who are Banxa?

It is via Banxa, a service that specialises in compliant fiat-to-crypto transactions, that this has been made possible. The international compliant gateway was built to function alongside exchanges, wallets and other business that operate within the cryptocurrency industry. By Binance joining forces with Banxa, they have now ensured that a smoother, more user-friendly service has been guaranteed for their British, Australian and European traders.

Holger Arians, Banxa CEO, explained the concept of Banxa and the benefits it offers traders, explaining that, “Banxa allows crypto exchanges, wallets and other crypto platforms to offer instant fiat to crypto conversions. With only one integration, our partners benefit from both local and global payment options while Banxa takes care of all regulation, compliance and chargebacks.” Arians went on to stated that his firm is “very delighted to welcome Binance into our growing ecosystem of partners and look forward to working closely with the team at Binance,”

Support For All 180 Fiat Currencies

Meanwhile, CZ (Changpeng Zhao), Binance CEO, explained that his exchange’s aim is to help transition the global money supply, which is currently 99.9% fiat. he acknowledged that crypto and fiat would co-exist for a long time to come, but he will intend to continue “building bridges to enable easier flow into crypto”.

One of the key ways by which he plans to do this is via an ambitious plan adding support for all 180 fiat currencies in 2020. This partnership with Banxa, he believes, would help that transition because “Banxa is a partner who shares our mission of making cryptocurrency accessible to people around the world.” As such, for fiat to crypto needs, Binance looks set to be the leader in the industry.

Elsewhere in the world of Binance, they recently have been tinkering with another part of their service, namely, Binance Futures. They added an isolated margin mode before adding support for XRP/USDT to their futures trading options earlier this week

Recently Similar News

casinoin-promotion etoro-promotion

Latest Guides

Latest News

AvaTrade,Investment

AvaTrade Express Corona Optimism

The exchange platform AvaTrade have stated that there is some reason to have optimism about the coronavirus going forward. Just weeks after announcing a bear market, AvaTrade have expressed to their traders that there may be some reasons to feel optimistic going forward in regards to the global economy. In their latest blog post, they […]

30 March, 2020
eToro,Investment,Trading

eToro Adds 185 New Stocks Listings

eToro have added 185 new options to trade stocks on their platform. While eToro have well-established themselves as a CFD and crypto trading platform over the last few years, they opened their doors as a platform built to help users to trade stocks. This has long been one of the key market sectors they have […]

30 March, 2020
Asia,Bitcoin,Casino,Promotion

Win a Trip to Japan and Be at The Olympics with BitStarz

For the next month at BitStarz, players can win themselves a trip to Japan and loads more prizes too. Perhaps the best-known crypto-asset orientated casino on the market is BitStarz. As well as being one of the earliest casino websites to set up a service directly orientated at bitcoin, they have made their presence heard […]

29 March, 2020
Investment,IQ Option,Trading

Using the Stochastic Oscillator with IQ Option

IQ Option has released their latest guide which helps them understand how to use the momentum-type indicator, Stochastic Oscillator. Developed in the 1950s, the tool can be used as a means to judge oversold or overbought position, thus helping them to predict the future of an underlying asset. This can, therefore, provide the information investors […]

28 March, 2020
Coinbase,Crypto Wallets,Investment

Coinbase Wallet Now Allows You to Earn De-Fi Interest

The wallet product from the exchange platform, Coinbase has expanded its use-cases and will now allow you to earn simply by storing your assets on it. The way this will work is by allowing you to lend out your crypto through the wallet. However, they are not reinventing the wheel in respect to this service […]

27 March, 2020
Binance,Social Media

Binance Plans to Raise $5 Million For Corona Relief Campaign

Binance Charity has put plans together to generate $5 million in donations which they will use to commit to providing medical supplies and help combat the effects of COVID-19. It is impossible to get away from the news of the Coronavirus which has led to isolation and quarantines in many countries worldwide, among other measures […]

26 March, 2020
eToro,Finance,Investment,Trading

eToro Compares Corona With Previous Crisis

Corona has caused one of the fastest sell-offs ever seen on the global market. How does this compare to other previous crisis? Well, eToro have answered that question in a new report released earlier today.   The market behaviour since the start of the virus has caused serious concern and a mass reaction from traders. […]

25 March, 2020
CFD Trading Platform,Investment,IQ Option,Trading

Trade with Multiplier at IQ Option

In their latest guide, IQ Option have drawn attention to the risky yet rewarding multiplier option that they have in place on their trading platform. In a nutshell, the multiplier allows traders to “manage a position that is greater than the amount of funds at his disposal” according to IQ Option. Already by the name […]

24 March, 2020