Binance Partners With This Payments Giant, Strengthens Position Amid Crypto Crackdown
Crypto exchange Binance and France-based payments firm Ingenico announce a strategic partnership to ease crypto payments in France.
Binance on February 22 said the company has partnered with Ingenico, a global payment solutions firm, making it easy for users to pay through Binance Pay. It considers the partnership as another milestone for global crypto adoption.
The partnership made crypto payments easier in France. This offers an in-store cryptocurrency payment acceptance solution in places with Ingenico’s AXIUM payment terminals. France is a key European country for Binance amid the MiCA regulation and also has its headquarters.
It will allow consumers to pay in cryptocurrencies at physical points of sale and allows merchants to easily accept payments in more than 50 cryptocurrencies through Ingenico payment terminals. It has the largest payment terminals installed in the world.
Furthermore, it will be the first crypto payment acceptance solution in France, with two catering (Le Carlie) and retail (Miss Opéra) merchants. The integration of Binance Pay into Ingenico payment terminals will be expanded to other countries in Europe.
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 Facing Regulatory Action in the US
Meanwhile, Binance is currently facing regulatory action from regulators in the U.S. The SEC crackdown against crypto caused Binance to sever ties with its partners in the U.S.
Binance’s chief strategy officer Patrick Hillmann worries that stringent crypto regulations could choke the industry and lead to major market volatility. The major impact came from the U.S. SEC and NYDFS ordering Binance USD (BUSD) issuer Paxos to stop minting these stablecoins.
Binance CEO Changpeng Zhao hints at Binance specifically being targeted by U.S. regulators due to its influence in the crypto market.
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Filed under: News - @ February 22, 2023 9:23 am