Binance announced on 23rd May that users may now sell cryptocurrency for fiat. They can use their credit and debit cards for such transactions. If you have a Visa credit or debit card, you can use the Sell Crypto to Credit/Debit Card tool. With this tool, you can convert your digital currency into fiat money.
Binance Introduces a Sell-Crypto-For-Fiat Option
Binance said that it now allows direct crypto sales for 11 different fiat currencies. Binance’s app or website allows the conversion of cryptos to fiat currency. Users can then move it to any debit or credit card. The AI will transfer your Bitcoin to your spot wallet if your order is unsuccessful.
Users must complete account verification to use the functionality. It will also aid in the expansion of withdrawal limitations. Furthermore, all transactions will occur, and they will not send any money abroad. The release notes that third-party partners offer these functions, not Binance. Brazilian users will have to pay the IOF tax on all credit and debit card transactions.
Changpeng Zhao admitted to losing cash in the UST and LUNA crashes. Yet, Binance customers keep praising him for his honesty. CZ opposes the Terra fork and believes burning coins is the best approach. The BUSD stablecoin gained from the UST meltdown. The exchange is pursuing regulatory certification in nations to grow into Europe. Some of those nations are Italy and Germany.
Crypto Fall Prompts Move
Binance’s growth plan follows one of the greatest cryptos falls. Despite a recent drop of $500B, the crypto market keeps undergoing pressure. Also, experts expect it to continue falling. Changpeng Zhao said at Finance Forward that Binance stays money flow positive. According to the speaker, a cryptocurrency winter may also be the horizon. Changpeng Zhao predicts a surge aftermarket recession.
Binance Started Discussions With Spanish and Italian Authorities
This move comes when negotiations with other key EU economies are ongoing. Some of these EU economies include Spain and Italy. Changpeng Zhao met with ex-Italian prime minister Giuseppe Conte and other lawmakers. The meeting aimed to discuss digital money. Their actions prove that Rome wants to support a cryptocurrency license. Although, they made no promises.
Binance got a request from Spain’s financial regulator to stop providing cryptocurrency derivatives. They stated that they are eager to work with governments to get a license. The world’s biggest exchange has dreams for places other than Europe. Many Middle Eastern nations adopted it in 2022.