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US crypto traders can buy coins on Binance.US with their debit card

on Nov 2, 2019
Updated: Mar 11, 2020
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  • Binance.US has recently released a number of announcements, including the additions of new assets.
  • The exchange's latest announcement states that US traders will be able to buy cryptocurrencies via their credit cards.
  • Binance.US also revealed that its daily trading volume had jumped to $15 million — 10% of Coinbase's own daily trading volume.

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Binance.US, the American version of Malta-based cryptocurrency exchange, Binance, has only been operating for about a month. However, the exchange has already made some major progress, with new developments being announced almost on a daily basis.

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Only a few days ago, the exchange had announced that the total number of listed assets has increased to 24. The increased number of cryptocurrencies provides US traders with greater diversity and better trading opportunities.

Then, only yesterday, on November 1st, Binance.US announced that US traders will now be able to purchase cryptocurrencies with their debit cards. The exchange already allowed users to deposit fiat currencies via the bank wire or automated clearinghouse (ACH). With the inclusion of debit cards, users get yet another method of depositing funds, which might increase the exchange’s trading volume even further.

On the topic of trading volume, Binance has also recently announced that its daily volume had reached $15 million, which puts it at around 10% of what the largest US exchange, Coinbase, makes per day. While this might not sound like a huge achievement, it is important to remember that the exchange was launched only a month ago, in late September 2019.

The exchange first broke the $10 million daily volume milestone on October 23rd, 30 days after launch.

The fact that Binance.US managed to secure debit card deposits has likely been a relief for many of the US traders, considering the fact that some banks and jurisdictions opposed the idea of crypto purchases via credit and debit cards. Banks such as Wells Fargo, Lloyds, and Virgin Money even banned users from using their cards for such purposes in 2018.

The same is true in several other countries, with the Central Bank of Argentina being the last in the row to disable this option for its citizens.

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