- Binance recently added Google Pay and Apple Pay for cryptocurrency purchases.
- Users must verify their identity before using the new payment option.
- Binance complies with global stipulations of anti-money laundering and terrorism finance with the new update.
- Changpeng Zhao reiterated the cryptocurrency exchange’s compliance with international regulations in a letter.
Binance recently announced in its Build update that users of the exchange can now purchase cryptocurrency through Google Pay and Apple Pay.
#Binance users can now purchase #crypto using Apple Pay & Google Pay.
— CZ 🔶 Binance (@cz_binance) December 30, 2022
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.
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Users can now make payments through Apple Pay and Google Pay with debit and credit cards. Binance policy mandates that users satisfy verification requirements before using the new feature.
Compliance With Regulations and Push for Mainstream Adoption of Cryptocurrency
A part of the announcement explained how a third party runs the Binance card payment system. As a result of third-party involvement in the payment system, the crypto exchange is not directly responsible for such services.
Despite introducing payment options that are globally accepted, Binance pointed out that all card payments remain local, and it’ll avoid foreign remittances. The approach of Binance is per the global stipulations of Anti-Money Laundering and Terrorism Finance.
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In a recent end-of-the-year letter, Binance boss Changpeng Zhao (CZ) reiterated that the cryptocurrency exchange would continue to comply with global regulations. In the letter, CZ described Binance as a responsible industry leader, establishing that the exchange will continue to work with regulators to push international adoption and blockchain education.
The CEO said Binance would continue engaging in discussions focusing on consumer protection.
On the Flipside
- Some countries do not offer Google Pay or Apple Pay, so not everyone can use this new feature. Apple Pay isn’t available in Belarus or India, while Google Pay is unavailable in Indonesia or the Netherlands.
Why You Should Care
Apple Pay has 43.9 million users, and Google Pay is 25 million worldwide. Due to the recent update, the exchange can be more accessible, which may lead to a greater adoption rate.
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