• Binance has announced that its users can now purchase cryptocurrency via a bank transfer on their banking apps.
• It requires a user to link their banking app to the crypto exchange.
• Once activated, users can buy and sell Bitcoin and Ethereum on the platform via bank transfer.

Cryptocurrency exchange platform Binance has announced that it is are now able to accept bank transfers. The new functionality will allow users to purchase crypto, namely Bitcoin and Ethereum, via their linked banking app or online portal.

The company explains that this latest feature is designed to make the purchasing of crypto easier, particularly here in South Africa.

“With this new method added, users are now able to make deposits directly from their banking platform – just as they would when interacting with any other exchange,” explained Hannes Wessels, SA country head at Binance.

“Many South Africans are intrigued by the benefits of investing in cryptocurrency but might be hesitant because they don’t fully understand the concept or how it works. By accepting bank transfers, we are simplifying the process significantly for new and existing users,” he enthused in a press release sent to Hypertext.

Further unpacking the announcement, the platform says that bank transfers will initially be available at no cost, with no limits besides those imposed by the user’s bank. It is also important to note that said transfers may take up to three days to reflect on a user’s Binance account, depending on their bank’s processing times. 

The exchange adds too that users are able to both buy and sell crypto in ZAR trading pairs. This means that it will be possible to buy Bitcoin and Ethereum, directly from Binance, using South African rands. To make this new feature possible, Binance has partnered with payments facilitator Stitch.

“We feel that we are opening up an opportunity to those people who have always been interested in cryptocurrency, but maybe aren’t sure where to start – which is why we listen, understand, and implement feedback from our users, and Bank Transfers (eft) is in response to that feedback,” concluded Wessels.

As always it is important to note that purchasing crypto does pose some risk, so we advise our readers to do a bit more research before snapping up digital currencies.

[Image – Photo by Vadim Artyukhin on Unsplash]