Binance Expands Crypto Payments With Mastercard Card Launch in CIS

• Binance launches crypto-to-fiat Mastercard payments in CIS.
• Officials warn Valentine’s season fuels romance crypto scams.

Binance has launched its prepaid crypto debit card for verified users across several countries in the Commonwealth of Independent States, including Armenia. This allows users to spend crypto in every transaction while merchants receive in traditional fiat currency. 

What are the benefits of this card?

The Binance Mastercard card can be used anywhere where Mastercard is accepted. Once the payment is made through the Binance Mastercard, the crypto is automatically converted into the local currency, and the seller gets paid in fiat. The supported assets are Bitcoin, Ethereum, stablecoins, and more than 100 other tokens. 

Binance says that the card includes instant crypto-to-fiat conversion at checkouts and works for online and physical store payments with up to 2% cashback in eligible spending without the Binance processing or annual fees. Users can load funds using their bank cards, Apple Pay, Google Pay, and local banking rails. 

To receive the card, customers must have a Binance account, complete KYC, and pass anti-money laundering checks. Users can buy things and pay for travel directly from their crypto balances instead of just holding crypto. Binance introduced a Valentine-themed campaign where users can earn token rewards by referring friends. 

These reward tokens include AMP, Uniswap, and Polkadot. While Binance promotes spending, the U.S. authorities warned about romance crypto fraud on Valentine’s Day. Officials advise verifying identities and avoiding sending funds to people whom you have not met. This move from Binance shows how rapidly crypto payments are entering mainstream finance. 

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