Binance, the world’s largest cryptocurrency exchange by trading volume, is launch a Visa debit card in Europe that will let users spend their cryptocurrency holdings anywhere that accepts Visa payments.
The Binance Visa card will be available in both virtual and physical forms, and will initially be available to residents of the European Economic Area. The card will allow users to spend their cryptocurrency holdings as if they were using a traditional debit or credit card.
Binance CEO Changpeng Zhao said in a statement that the card will “further drive adoption of cryptocurrency and make spending crypto more accessible to users.”
The card will be linked to the user’s Binance account, and will allow them to spend their cryptocurrencies wherever Visa is accepted. The card will also offer rewards for spending, with users earning up to 8% cashback on purchases made in Binance Coin (BNB), the exchange’s native token.
NOTE: WARNING: Binance Visa Card is not free. There are fees associated with using the card, including an issuance fee and monthly maintenance fee. Additionally, there may be additional fees for certain services, such as ATM withdrawals and international transactions. Be sure to read the fine print before signing up for a Binance Visa Card to understand all associated costs.
The Binance Visa card is not the first crypto-backed debit card on the market, but it is the first from a major exchange. Crypto-backed debit cards have been criticized in the past for high fees and poor customer service.
The Binance Visa card comes with no annual fee, and users will only be charged a 2.5% fee on foreign currency transactions.
There is also no limit on how much you can spend or withdraw from your account.
The Binance Visa card is currently available in limited quantities, and interested users can sign up for the waitlist on the Binance website.
Yes, Binance Visa Card is free however there’s a 2.
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