cryptocurrency exchange platform binance

Binance Adds Support for AUD and GBP Faster Payments Service

The cryptocurrency exchange platform, Binance, adds two new features on its platform. First, it enables support for the UK’s faster payments scheme for British Pound (GBP) transfers. Second, it extends its support for the Australian Dollar (AUD) for its direct fiat-to-crypto buying facility.

New Features Released by Cryptocurrency Exchange Platform Binance via Banxa

According to Wednesday’s announcement reported at Cointelegraph, the leading cryptocurrency exchange platform by trading volume and users partner with global fiat on-ramp solution Banxa. The partnership allows users to directly purchase cryptocurrencies from Binance(dot)com with AUD, GBP, EUR. And also users can process with the near-instantaneous low-fee GBP bank transfers via Faster Payments (FPS) starting from today.

Banxa specializes in a full-service, internationally compliant fiat-to-crypto gateway solution for exchanges, wallets, and other businesses operating in the crypto ecosystem. Partnering with Banxa ensures a smooth and user-friendly journey for Binance users in Australia, the UK, and selected European countries. Currently, a small set of cryptocurrency exchanges has enabled the scheme such as Coinbase, Coinfloor, CEX.IO, and The Pit.

However, local payment methods are also available to users that include bank transfers, bill & retail payments, and credit & debit cards.

Banxa CEO, Holger Arians says

With only one integration, Banxa’s partners benefit from both local and global payment options while the company takes care of all regulation, compliance and chargebacks.

Furthermore, he says that Banxa believes that fiat will co-exist with crypto for a long time to come. And thus, the partnership will have a bright future. On the other hand, Binance CEO, Changpeng Zhao says more than 99.9% of the global money supply is still in fiat. Therefore, partnerships like this will continue building bridges to enable easier flow into crypto. In 2020, Banxa and Binance’s partnership aims to add support for all 180 fiat currencies.

Besides, Banxa is a partner who shares a similar mission like Binance to make cryptocurrency accessible to people around the world – says Binance CEO.

What do you guys think about Binance & Banxa’s partnership? Let us know in the comment!