Binance is further boosting the utility of digital currencies hosted on its platform with fiat off-ramp.
By Godfrey Benjamin
Edited by Julia Sakovich
Updated
3 mins read
Binance has introduced a new feature allowing users to sell cryptocurrencies directly with credit or debit cards. According to its announcement, this new offering came as a result of a partnership with payment processor Paymonade. It also makes it easier for everyday users to convert cryptocurrency to traditional currency.
Binance users can now easily convert their digital assets into local currencies and deposit the funds directly into their bank cards. This means they no longer have to deal with intermediary transfers or external wallets. Once the cryptocurrencies are sold, the converted amount is quickly added to the linked card, providing instant access to cash.
Notably, this new service is a significant improvement for those who want a simple way to convert their crypto holdings. However, before using this service, users must complete two types of verification. First, they must go through Binance’s standard account verification process to ensure compliance with the platform’s requirements.
After this, users must also complete Paymonade’s verification process, which adds extra security. This two-step verification process helps prevent fraud and ensures that only authorized users can use the service. Once users complete the verification steps, they can increase their withdrawal limits.
This is helpful for high-volume traders or users who frequently cash out their cryptocurrency. It allows for larger withdrawals and provides greater flexibility in managing crypto funds. Binance currently offers this service in a limited number of regions and plans to gradually expand to more countries. This gradual expansion will help ensure the system’s stability and ability to adapt to regional regulations.
Some weeks ago, Binance announced its pre-market spot trading service, developed by its Launchpool and Spot offshoots. As announced, the new service allows users to purchase digital assets before officially listing on the spot market. Other crypto exchanges use derivatives for pre-market trading, making Binance the first trading platform to offer actual tokens for trade.
The service will benefit Binance users and token projects in the long term. It will extend the token life cycle and provide early market access. All users will trade these uniquely tagged tokens as the pre-market period starts.
Recall that the exchange expanded its futures market by adding Worldcoin WLD $0.80 24h volatility: 2.2% Market cap: $1.03 B Vol. 24h: $119.80 M perpetual contracts recently. This allowed traders to leverage up to 20 times their investment, boosting WLD’s validation. Traders can access the WLD/USDT perpetual futures pair on the Binance platform. Interestingly, this development will enable users to speculate on the future price movements of digital assets without holding the underlying asset.
The exchange has continued to steadily expand its future offerings to include a diverse array of digital assets like Filecoin FIL $2.60 24h volatility: 0.9% Market cap: $1.71 B Vol. 24h: $165.36 M and NEO NEO $5.75 24h volatility: 3.6% Market cap: $405.65 M Vol. 24h: $38.72 M . With these additions, Binance is strengthening its position as a global leader, offering different products to its 200 million user base.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
