Binance enables UK's Faster Payments Scheme for GBP transfers; adds support for AUD

Quick Take

  • Crypto exchange Binance has enabled U.K.’s Faster Payments Scheme for GBP transfers
  • The exchange has also added support for the Australian dollar for direct fiat-to-crypto buying 
  • The new features are being provided via fiat on-ramp solutions provider Banxa

Cryptocurrency exchange Binance has added two new features on its platform.

First, the exchange has enabled the U.K.’s Faster Payments Scheme (FPS) for British pound (GBP) transfers. Second, it has added support for the Australian dollar (AUD) for its direct fiat-to-crypto buying facility.

The new features are being provided via Australian fiat-onramp solutions provider Banxa, according to an announcement Wednesday. 

The FPS facility will allow Binance users to make "near-instantaneous low-fee" GBP bank transfers. FPS is a U.K. banking initiative that reduces payment times between different banks' customer accounts from 3 working days to a few seconds. Currently, only a small set of cryptocurrency exchanges have enabled the scheme, such as Coinbase, Blockchain.com’s The Pit, CEX.IO and Coinfloor.

The support for AUD, on the other hand, will allow Binance users to buy bitcoin (BTC) and ether (ETH) directly via bank transfers, as well as debit and credit cards. Banxa also supports euro (EUR) payments for Binance.

“Banxa allows crypto exchanges, wallets and other crypto platforms to offer instant fiat to crypto conversions. With only one integration, our partners benefit from both local and global payment options while Banxa takes care of all regulation, compliance and chargebacks,” said Holger Arians, CEO of Banxa.

Founded in 2014, Banxa currently also serves Hong Kong-based KuCoin exchange and U.S-based cryptocurrency wallet Edge, according to its website.

Binance continues to expand its fiat gateways and partners. The exchange currently supports over 20 fiat currencies via eight partners - Simplex, Koinal, Paxful, AdvCash, Papara, Flutterwave, Latamex and Banxa.

Binance CEO Changpeng “CZ” Zhao said: “We believe fiat will co-exist with crypto for a long time to come. More than 99.9% of the global money supply is still in fiat and we need to continue building bridges to enable easier flow into crypto. In 2020, we aim to add support for all 180 fiat currencies."

Looking ahead, Binance and Banxa plan to add more currencies “over the coming months,” per the announcement.


© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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