Binance launches direct cryptocurrency sales to cards via Paymonade
Binance launches direct cryptocurrency sales to cards via Paymonade
Binance has launched a new service that allows users to sell their crypto assets directly to credit or debit cards through a partnership with Paymonade. This feature, which supports both VISA and Mastercard, enables exchange users to easily convert cryptocurrencies into local currencies and deposit the funds directly onto their cards.
The service is designed to simplify the process of cashing out cryptocurrencies, offering a more convenient and efficient option for those who want to convert their digital assets into usable fiat currency. With the growing global adoption of cryptocurrency, this feature represents a significant step in making digital currencies more accessible for everyday transactions.
Streamlined Selling Process
The new feature is integrated into Binance’s existing platform under the "Sell Crypto" section, according to the exchange’s website. Users can select the cryptocurrency they want to sell and choose Paymonade as the payment method. After confirming the sell order and completing necessary security checks, users must link their Visa or Mastercard through the Paymonade page. Once the process is completed, the funds are transferred directly to the user’s card, making access to cash from crypto assets easier than ever before.
This process is designed to be quick and seamless, allowing users to avoid multiple transfers between different platforms. It provides an optimized solution for those looking to cash out their digital assets.
Security and Verification
To access the new service, Binance users are required to complete account verification on the platform as well as additional checks through Paymonade. This extra layer of security is designed to protect users and ensure regulatory compliance. Completing these checks also allows users to increase their withdrawal limits, providing access to larger amounts of funds through this service.
By incorporating these verification steps, Binance aims to maintain high standards of security and compliance, which are critical as the cryptocurrency space faces increasing scrutiny from governments and financial regulators.
While the service is currently available in select regions, Binance has announced plans for a gradual global rollout of this feature.
The launch of this service is part of Binance’s ongoing efforts to provide comprehensive solutions for cryptocurrency users. By enabling direct conversion from crypto to traditional financial systems like credit and debit cards, Binance is making digital currencies more practical for everyday use.
For users seeking to quickly and efficiently cash out their cryptocurrency assets, Binance’s new partnership with Paymonade offers a practical and secure solution, bridging the gap between cryptocurrencies and traditional banking systems.
Also, Binance recently announced the termination of its referral program for users in Turkey, citing the need to comply with local laws.
Read also: Denmark plans to introduce a tax on unrealized crypto gains
