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Binance introduces the cryptocurrency debit card "Binance Card" with no annual fee or monthly fee.

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Binance introduces the cryptocurrency debit card "Binance Card" with no annual fee or monthly fee.

After quietly developing its own cryptocurrency financial card, Coinbase Card, for nearly a year, Coinbase has announced its launch of Binance Card, also supported by Visa. Similar to a traditional debit card, this financial card allows users to shop and pay online bills after loading Bitcoin (BTC) or Binance Coin (BNB) onto it.

Table of Contents

  • Currently only Bitcoin and BNB can be used for deposit
  • Not yet available in Taiwan

Binance Card

Source: Binance

On March 26th, Binance announced the launch of the "Binance Card" issued by Visa on its official website. The Binance Card is not linked to users' exchange accounts, but instead, users can recharge through the Binance Card's APP with BTC, BNB, and make payments based on the recharge amount. Binance claims that it is currently accepted by over 4,600 online merchants.

Interested users can register in advance on the registration page, and will be notified via email once it is available in their region (KYC verification on the exchange is still required). Binance charges a one-time payment fee of $15, and users can simply transfer $15 worth of BNB or BTC to the Binance Card, with no monthly or annual fees.

The announcement stated:

Binance Card will further advance cryptocurrency technology, making life easier for Binance users. We are excited to promote the adoption of cryptographic technology and announce the product that users have been eagerly anticipating.

Source: Binance

First Launch in Malaysia

Currently, the Binance Card only has a beta version of the virtual card, and it is expected to launch a physical financial card soon, starting with Malaysia and then Vietnam, gradually expanding to more countries. Binance CEO Changpeng Zhao also released a real-time payment video of the physical card on Twitter, showing a user experience similar to regular card payments.

https://twitter.com/cz_binance/status/1243254935342288896

It is understood that the Binance Card is still in the registration phase, and although registration is available in Taiwan, it has not been officially launched yet. According to the announcement, the Binance Card's APP will be released shortly. In comparison, the progress of the Coinbase Card is significantly ahead. As mentioned earlier, Coinbase not only has the qualifications to issue cards and acquire merchants, but also supports up to 10 cryptocurrencies. Will the Binance Card catch up to or even surpass the Coinbase Card?

April 6 Update: Visa Partnership Changes?

Left: Original Announcement, Right: Updated Announcement

It has been noticed that the announcement issued on March 26th has been altered. The VISA logo originally on the card has been removed, and references to VISA in the text have also been eliminated, even changing the publication date in the original URL.

ICO information website ICO Drops was one of the first to notice the changes. Some speculate that this may be because Binance has not been able to prove to VISA that they can address money laundering risks and have not confirmed their partnership. In contrast, Coinbase, with the major membership status of VISA, also has the authority to issue cards themselves. It seems that Binance, a major player, still needs some time and effort to directly enter the tightly regulated payment channels.

Further Reading

  • 【Special Feature】The Coolest New Financial Model: Using Cryptocurrency Credit Cards
  • Coinbase Receives Major Visa Membership, Pushing Cryptocurrency Financial Cards into the Mainstream
  • Exchange Binance Invests $50 Million in India, Can the Indian Concept of IEO Revive?

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