Cryptocurrency Purchasing Service Not Available in 21 Countries with Binance Credit Card

Binance, a large cryptocurrency exchange, officially announced that its ability to purchase cryptocurrency with credit cards from VISA or Mastercard has become unavailable in 21 countries, including Korea.

The following is the list of countries that cannot purchase cryptocurrency with a credit card.

Argentina, Brazil, Colombia, Hong Kong, India, Indonesia, Israel, Kazakhstan, Kenya, Malaysia, Mexico, Nigeria, Peru, the Philippines, Singapore, South Africa, South Korea, Switzerland, Taiwan, Turkey, and Vietnam.

Although the restriction is believed to be a measure to comply with regulations of each country, details have not been revealed.

Binance announced its credit card payment function in February 2019. Fees are slightly more expensive than deposits from banks, but they have been seeking to expand the new purchasing process so that virtual currency can be purchased simply and quickly.

However, many banks in each country banned virtual currency purchases through credit cards because of the risk that may lead to illegally obtaining and abusing credit cards for money laundering and concerns over the liquidation of money laundering.

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