Binance Adds Apple Pay and Google Pay Options for Credit/Debit Card Payments with DailyCoin

© Reuters. Binance Adds Apple Pay and Google Pay Options for Credit/Debit Card Payments
  • Binance recently added Google (NASDAQ:) Pay and Apple (NASDAQ:) Pay for crypto purchases.
  • Users must verify their identity before using the new payment option.
  • Binance complies with global regulations on anti-money laundering and terrorist financing with a new update.
  • Changpeng Zhao reiterated the crypto exchange’s compliance with international regulations in a letter.

Binance recently announced in its Build update that users of the exchange can now buy cryptocurrency through Google Pay and Apple Pay.

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Recall that in a blog post last month, Binance announced the integration of payment options like Apple Pay and Google Pay for users to buy cryptocurrency on its platform.

Users can now make payments via Apple Pay and Google Pay using debit and credit cards. It is Binance policy to require users to meet verification requirements before using the new feature.

Comply with regulations and promote cryptocurrency mainstream adoption

Part of the announcement explains how third parties operate the Binance card payment system. Due to the involvement of a third party in the payment system, the cryptocurrency exchange is not directly responsible for such services.

Despite introducing globally accepted payment options, Binance points out that all card payments are still domestic and it will avoid remittances abroad. Binance’s approach follows global Anti-Money Laundering and Terrorist Financing regulations.

In a recent year-end letter, Binance boss Changpeng Zhao (CZ) reiterated that the crypto exchange will continue to comply with global regulations. In the letter, CZ described Binance as a responsible leader in the industry, demonstrating that the exchange will continue to work with regulators to promote international adoption and blockchain education.

The CEO said that Binance will continue to engage in discussions focused on consumer protection.

On Flipside

  • Some countries don’t offer Google Pay or Apple Pay, so not everyone can use this new feature. Apple Pay is not available in Belarus or India, while Google Pay is not available in Indonesia or the Netherlands.

Why should you care?

Apple Pay has 43.9 million users and Google Pay 25 million worldwide. Due to the recent update, the exchange may be more accessible, which may lead to a higher adoption rate.

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