Binance Strikes Partnership with Ingenico
- Binance has been working on different payment solutions since 2021 and recently launched a crypto card in Brazil.
- US regulators have increased their scrutiny of centralized exchanges since FTX collapsed.
Cryptocurrency exchange Binance on Wednesday announced a new partnership with credit card processing firm Ingenico. The pilot program will enable in-store cryptocurrency payments via Binance Pay. According to the announcement, the initial test of this service is only available in France using Ingenico Axium payment terminals. Binance considers the partnership with Igenico a huge step for crypto adoption.
The program will have two merchants (Miss Opéra) and two caterers (La Carlie), making it the first crypto payment acceptance solution in France. Furthermore, the new service will support more than 50 cryptocurrencies.
As per the announcement, merchants will initially be paid in cryptocurrencies, but a crypto-to-fiat solution that will enable them to accept fiat payments is scheduled to launch in Q2 of 2023. Binance plans to expand this service to European nations where it is approved, such as Spain, Sweden, Poland, Italy, and Lithuania.
Reacting to the partnership, Michel Léger, executive vice president at Ingenico, said:
“As a leading payments ecosystem accelerator, we are excited to partner with up-and-coming brands like Binance to bring cryptocurrency payments to retail for consumers around the world.
Binance has been working on numerous payment solutions for the past year. The crypto exchange successfully released a prepaid crypto card in Argentina in August 2022 and recently collaborated with Mastercard to do the same in Brazil.
However, Binance’s relationship with regulators has been shaky since the collapse of rival exchange, FTX. News recently emerged claiming Binance was considering severing ties with its partners in the United States due to increased scrutiny.
Binance also suffered a heavy blow after the U.S. Securities and Exchange Commission and the New York State Department of Financial Services (NYDFS) ordered Binance USD (BUSD) issuer Paxos to quit minting the stablecoin.
Binance CEO Changpeng Zhao believes the crypto exchange is being targeted by US regulators due to its grip on the market. However, others fear that US regulators might end up crippling the growth of cryptocurrencies in the country.
Lawrence has covered some exciting stories in his career as a journalist, he finds blockchain-related stories very intriguing. He believes Web3 will change the world and wants everyone to be a part of it.
