Binance’s Partner Allows Users to Buy Crypto with Credit Card in JPY and CAD

Published at: Dec. 9, 2019

Israeli-based fintech and cryptocurrency firm Simplex now supports two new fiat currencies — the Japanese yen (JPY) and the Canadian dollar (CAD).

Following the addition, users at some of Simplex’s partner exchanges such as Binance will be able to buy crypto via credit cards using JPY and CAD, industry publication The Block reports Dec. 9.

Not all Simplex’s partner exchanges will be supporting JPY and CAD by default

Cointelegraph contacted both Simplex and Binance in order to confirm the news. Simplex’s spokesperson confirmed the report, noting that the company’s partners are now able to allow their users to buy crypto using CAD or JPY on their credit card. The representative hasn’t specified what companies would be first to enable the feature.

Binance hasn’t responded to Cointelegraph's request for comment at the time of publication. This article will be updated upon receipt of those comments.

Simplex announced a new partnership with OKEx

In conjunction with new currencies’ addition, Simplex has also announced a new partnership with major cryptocurrency exchange OKEx. According to a tweet from Dec. 9, Simplex has partnered with OKEx to allow its users to buy Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH) and Litecoin (LTC) via debit and credit cards.

The new feature is available on OKEx’s official website.

Simplex plans to add Russian ruble and Turkish lira soon

Additionally, Simplex CEO and founder Nimrod Lehavi reportedly revealed the company’s plans to add Russian rubles and Turkish lira support “very soon.” Lehavi claimed that Japan and Canada are not only two of the top markets for crypto but also “among the top 10 territories for credit card usage globally,” the report notes.

As previously reported, Simplex is a European Union-licensed financial institution and payments processing provider. With offices in Israel, the United Kingdom, the United States and Lithuania, the company provides “fraud-free” payment processing services to companies including Shapeshift, the Litecoin Foundation, Xapo and Changelly.

According to the report, Simplex supported three fiat currencies before adding CAD and JPY: the U.S. dollar, euro and the British pound. Alongside Binance, other partner exchanges include OKCoin, KuCoin, Huobi, and Poloniex, among others.

Binance partnered with Simplex to unlock credit card crypto purchases in January 2019.

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