The Binance card is here

[LeGaulois]

Binance has now its own debit card. It's currently available for Malaysia and to all countries in the next following weeks
https://card.binance.com/en/

I knew this day will come soon or later, be ready for a full KYC verification now, owning a card or not. Because I'm pretty sure the next feature will be bank deposits and withdrawals.



They posted a blog post about it here

Where do I get my Binance Card?

We’re currently releasing the Binance Card in a beta version, and we aim to make it available globally to all new and existing Binance users within the next few weeks. We will initially release the card in Malaysia, then follow with Vietnam, and add more countries as we move forward.

You can register interest in Binance Card through the landing page, and we will notify you once the card becomes available in your region. All you need to do then is download the Binance Card App, log in to your Binance account or register a new one, and complete simple and secure identity verification. Then you can order the card for a one-time cost of 15 USD, which is payable in the form of initial top-up from your crypto wallet to the Binance Card balance. You just transfer 15 USD worth of BNB or BTC to your card balance, and we'll process your order. We don't charge any monthly or annual fees.

[NeuroticFish]

You just transfer 15 USD worth of BNB or BTC to your card balance, and we'll process your order. We don't charge any monthly or annual fees.

This is interesting. Of course, there can be top up fees, strange exchange rates (crypto-fiat) and of course Forex fees, since Binance markets don't cover all the currencies.
Let's see how it will go. For now it's promising.


(Of course, you're right, KYC is near.)

[hugeblack]

How will the card balance be? Will it be converted to dollars/euro or will it remain in crypotocurrencies and then debit at the date of payment?
We all know the legal problems regarding the company's headquarters in Europe. Did the company solve all these things before starting to impose more identity verification procedures?

Why do you say it is the end of using the platform without an identity? I think they have designed some services to be less centralized which means that there is an attractive market for this industry.

[TryNinja]

How will the card balance be? Will it be converted to dollars/euro or will it remain in crypotocurrencies and then debit at the date of payment?

From their blog:

Your card will then use this balance for your card payments and automatically deduct all expenses from the balance every time you make payment. The Binance Card is issued by Visa and accepted by more than 46 million merchants offline and online in 200 regions and territories, which makes shopping with crypto easier than ever before.

So, VISA (which isn't something we see a lot recently) and you spend your coins when you use the card. So, you can still "hold" the coins meanwhile.

[gentlemand]

Anyone know what the fees will be?

I'd like to know who their card partner is. Binance have so many things in the air I'm not sure I trust them to do their due diligence. I can imagine it might go the same way as Wavecrest cards and shut down without any notice unless they've done it right.

No card issuer will want anything to do with them if they're not KYC all the way. Let's hope they don't have some fly by night pricks doing the cards. They might have just grabbed the nearest operation they could find.

[pugman]

I don't know if this is a good thing or not, while binance releasing the card is somewhat of a welcome change, I do fear the KYC verification that is to potentially soon follow.

Although this seems promising, possibly a new turn towards all bitcoin based debit cards, I am especially interested to see how this is going to turn out.

Anyone know what the fees will be?

Apparently, there are no fees:

You just transfer 15 USD worth of BNB or BTC to your card balance, and we'll process your order. We don't charge any monthly or annual fees.

I'd like to know who their card partner is. Binance have so many things in the air I'm not sure I trust them to do their due diligence. I can imagine it might go the same way as Wavecrest cards and shut down without any notice unless they've done it right.

Somehow Binance managed to partner up with VISA??

Your card will then use this balance for your card payments and automatically deduct all expenses from the balance every time you make payment. The Binance Card is issued by Visa and accepted by more than 46 million merchants offline and online in 200 regions and territories, which makes shopping with crypto easier than ever before.

Also, what are you guys' thoughts on this, will you use it if its made available worldwide?

[malevolent]

Apparently, there are no fees:

You just transfer 15 USD worth of BNB or BTC to your card balance, and we'll process your order. We don't charge any monthly or annual fees.

What about transaction fees? Which currencies are to be supported? Any currency conversion fees? ATM fees?

I doubt everything will be entirely free.

[Twinkledoe]

Apparently, there are no fees:

You just transfer 15 USD worth of BNB or BTC to your card balance, and we'll process your order. We don't charge any monthly or annual fees.

What about transaction fees? Which currencies are to be supported? Any currency conversion fees? ATM fees?

I doubt everything will be entirely free.

I think it is the same as like your local crypto exchange. They will say there are no fees but their rates are bit lower than other markets. So they are getting their share from that transaction alone showing they are not charging you but the exchange rates are quite lower than the current market. But you have to believe them that they are not charging you any fee for that matter. You will see the difference once they are up and operational. Compare their exchange rates to even coindesk. And you will see how they are getting their commission.

[gentlemand]

Apparently, there are no fees:

Perhaps I should've rephrased that - what's it going to cost to use? Nothing is free. The Coinbase card is about 2.5%. Wirex is around 1.7% when you factor the spread they sneak in on you. You're not going to get a market rate for something like this. It costs money to run.

Somehow Binance managed to partner up with VISA??

No way in hell would Visa do a deal with Binance directly. Coinbase is the first official partner and that took years and they're vastly more established and legit. It'll be a third party who already have a relationship with Visa of which there are thousands. The question is which one because they'd be very stupid to risk that relationship dealing with a company with no KYC at lower amounts and a fondness for skipping jurisdictions when times get hard and lying about it at other times.

[squatter]

No card issuer will want anything to do with them if they're not KYC all the way. Let's hope they don't have some fly by night pricks doing the cards. They might have just grabbed the nearest operation they could find.

Rolling this out only in Malaysia, to be followed by Vietnam, seems awfully cautious. I get the feeling this won't be globally available, especially considering the new FATF and AMLD5 rules, and the historic unreliability of these types of cards.

I knew this day will come soon or later, be ready for a full KYC verification now, owning a card or not. Because I'm pretty sure the next feature will be bank deposits and withdrawals.

I'll believe that when I see it. Binance knows a huge part of its appeal is lack of KYC. That's why they've built all these separate regional fiat exchanges. I believe they will retain a tiered verification system and this will fit into that.

[notblox1]

Binance is not first exchange to offer card, so I don't think they will add mandatory KYC, and they should not do that.
For example there is Coinex exchange that has its own card, and still there is basic no kyc level.
For using card however you will need to to KYC.

[buwaytress]

Oh that's... unexpected! I mean I knew Binance was going to roll it out there first but I would have thought Singapore before Malaysia. A bit surprised Bank Negara allowed this. Does anyone know if Binance has a direct relationship with Visa (the way Coinbase is a principal member)?

[gentlemand]

I would be utterly flabbergasted if binance had a formal relationship with visa.

They don't do kyc until a certain amount, skip jurisdictions ona whim and keep their server location secret.

I'm amazed whoever is giving them visa service would risk their relationship.

[LeGaulois]

@squatter @hugeblack @notblox1

Yes the lack of ID verification is/was what attracted people to join Binance, but seeing the path the company is taking over the years, debit card etc it's clear soon or later they will no choice to abides by the laws. (why do you think they created Binance DEX? To prepare the exodus when the time will come to help to avoid users)

Binance, the company behind the largest global cryptocurrency exchange by volume and users, today announced a partnership with Shyft Network to implement its decentralized infrastructure to comply with the Financial Action Task Force (FATF) Travel Rule.

The FATF Travel Rule requires Virtual Asset Service Providers (VASPs) to share Personal Identifiable Information (PII) and Know-Your-Customer (KYC) data between qualifying institutions when executing transactions for senders and receivers. Cryptocurrency exchanges qualify as VASPs, and are required to share this data on behalf of their users.

https://www.binance.com/en/blog/421499824684900436/Binance-Joins-Shyft-Network-to-Launch-Global-FATF-Travel-Rule-Solution

Does anyone know if Binance has a direct relationship with Visa (the way Coinbase is a principal member)?

I doubt otherwise we'd have seen news articles blooming all over the place.

[notblox1]

Again I have to say.... check out Coinex exchange and their debit card.
They still have no kyc tier, so I don't see why would Binance need to remove their own.
If you want card - you do kyc. Simple

[enhu]

This should have been a big news but looks like there isn't anything that comes out in the big media about it. Must be a big lead for adoption of cryptocurrency for the easy of use to shop either offline and offline. When big companies like Binance are planning things, it can abruptly do the things they want compare to the teams who just don't have the means.  A lot of crypto projects had it in their roadmap to release cards so hope to see them follow.

[buwaytress]

@LeGaulois yeah Binance has been pretty adept at moving ahead of the regulation curve, though I suspect it's really because of a strong relationship with the current China regime, otherwise they'd have gone after Binance no matter how many times they jumped ship. Even their CSR efforts and diversification out into other blockchain sectors is all in preparation for this.

I foresee a huge whitelabelling brand in the end and a very small Binance-only foothold.

[rexxarofmoknathal]

Highly doubt they are going to be able to release this card in the United States, especially considering New York has some pretty gnarly regulatory hurdles for blockchain businesses.

Still, Malaysia is an interesting market to target, not sure why they chose that one? The article doesn't really mention why.

[gentlemand]

Still, Malaysia is an interesting market to target, not sure why they chose that one? The article doesn't really mention why.

Binance always seems to choose the path of least resistance hence the constant jurisdiction hopping. Launching a card makes them look cool even if it doesn't end up in the type of places where it'll get the most use.

Still, if I was Malaysian I'd be pretty pleased. I can't say I've heard of many exchanges there.

[coupable]

How will the card balance be? Will it be converted to dollars/euro or will it remain in crypotocurrencies and then debit at the date of payment?

Important questions.
Binance said it's a beta version. I think it can work with one country and exceed to some few others currencies supported by the platform. It's far to be real that the card will work worldwide supporting any currency. It's not an easy task.
 I don't also think that someone can convert any shitcoin by withdrawing the value using an ATM.

Why do you say it is the end of using the platform without an identity? I think they have designed some services to be less centralized which means that there is an attractive market for this industry.

Let me guess. Yes binance, like any other centralised project, can force any rule regarding anonymity and privacy. But it would be the worst move from binance after all the spent time building a good reputation.