Binance.US supports debit card on-ramp as volumes top $15 million

Binance's new U.S. operation continues to hit new highs, and now it is enabling customers to purchase cryptocurrency with debit cards. 

The San Francisco-based Binance.US announced debit card support on Friday, according to a press release. It will allow clients to buy crypto assets including bitcoin, ethereum, and XRP. Previously, customers could only purchase coins via ACH payments. The firm said in the announcement that customers' deposit funds are now also eligible for FDIC insurance coverage. As per data compiled by The Block, Binance.US has increased its daily volumes to over $15 million.


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Still, that is a far cry from rival Coinbase, which trades approximately $150 million in an average trading day.

Binance said that it plans to expand its product suite in the coming months, aiming to "lower barriers to entry for new and existing users."

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Frank Chaparro is the Editor At Large at The Block. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. He runs his own podcast The Scoop and writes a biweekly eponymous newsletter. He leads special projects, including The Block's flagship podcast, The Scoop. Prior to The Block, he held roles at Business Insider, NPR, and Nasdaq. For inquiries or tips, email [email protected].