UK Exchange EXMO Taps Simplex to Smooth Cryptocurrency Purchases
- Simplex applies restrictions, including a $20,000 maximum for daily transactions and a $50,000 monthly limit.
UK-registered Bitcoin exchange, EXMO announced that users on its platform will now be able to purchase cryptocurrency directly with their bank cards after it has inked a partnership with payment provider, Simplex.
Announced today, the agreement will give EXMO a fiat onramp to conduct and settle crypto transactions, a grey area of business where a gauntlet of KYC requirements and other regulations kick in.
Simplex often charges 3.5 percent of a transaction, with a $10 minimum purchase amount. The company also applies various restrictions, including a $20,000 maximum for daily transactions when using a credit or debit card, as well as a $50,000 maximum monthly limit.
Israeli-based Simplex combines crypto payment processing with fraud prevention technology and also provides a KYC opt-out feature for purchases less than USD $150. This amount is calculated for the entire lifetime of the user. Further, the startup enables merchants to accept diverse payment methods, including credit card deposits and purchases, with zero exposure to chargeback risk.
Simplex has already signed partnerships with leading crypto exchanges, including Binance and Huobi, among others, to enable users to buy Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw with their credit cards. Most recently, it has added support for Bitcoin SV, the cryptocurrency spearheaded by the self-proclaimed creator of Bitcoin, Craig Wright.
EXMO Expands into New Destinations
“Simplex is enabling anyone anywhere to buy crypto securely and easily. We’re excited to offer EXMO users a simple and secure way to purchase crypto with their debit and credit card, with the click of a button,” said Simplex founder and CEO, Nimrod Lehavi.
“We are super excited and grateful to be working with Simplex. Being able to buy Bitcoin and other cryptocurrencies with a debit or credit card is a true game changer with respect to adoption,” added EXMO COO, Sergey Zhdanov.
EXMO was founded in 2013 and is headquartered in London. As Britain edges closer toward an exit from the EU, the cryptocurrency exchange operator has recently chosen to expand into new European bases as part of a contingency plan to continue to have access to the bloc post-Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis .
With a recent presence in Turkey, the Istanbul facility was the start-up’s fourth office outside the UK together with its Kiev, Barcelona, and Moscow branches.
While it is not moving resources away from the UK, EXMO’s expansion echoes the sentiment among some big banks that are trying to increase their presence across Europe to offset the impact of Brexit.
UK-registered Bitcoin exchange, EXMO announced that users on its platform will now be able to purchase cryptocurrency directly with their bank cards after it has inked a partnership with payment provider, Simplex.
Announced today, the agreement will give EXMO a fiat onramp to conduct and settle crypto transactions, a grey area of business where a gauntlet of KYC requirements and other regulations kick in.
Simplex often charges 3.5 percent of a transaction, with a $10 minimum purchase amount. The company also applies various restrictions, including a $20,000 maximum for daily transactions when using a credit or debit card, as well as a $50,000 maximum monthly limit.
Israeli-based Simplex combines crypto payment processing with fraud prevention technology and also provides a KYC opt-out feature for purchases less than USD $150. This amount is calculated for the entire lifetime of the user. Further, the startup enables merchants to accept diverse payment methods, including credit card deposits and purchases, with zero exposure to chargeback risk.
Simplex has already signed partnerships with leading crypto exchanges, including Binance and Huobi, among others, to enable users to buy Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw with their credit cards. Most recently, it has added support for Bitcoin SV, the cryptocurrency spearheaded by the self-proclaimed creator of Bitcoin, Craig Wright.
EXMO Expands into New Destinations
“Simplex is enabling anyone anywhere to buy crypto securely and easily. We’re excited to offer EXMO users a simple and secure way to purchase crypto with their debit and credit card, with the click of a button,” said Simplex founder and CEO, Nimrod Lehavi.
“We are super excited and grateful to be working with Simplex. Being able to buy Bitcoin and other cryptocurrencies with a debit or credit card is a true game changer with respect to adoption,” added EXMO COO, Sergey Zhdanov.
EXMO was founded in 2013 and is headquartered in London. As Britain edges closer toward an exit from the EU, the cryptocurrency exchange operator has recently chosen to expand into new European bases as part of a contingency plan to continue to have access to the bloc post-Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis .
With a recent presence in Turkey, the Istanbul facility was the start-up’s fourth office outside the UK together with its Kiev, Barcelona, and Moscow branches.
While it is not moving resources away from the UK, EXMO’s expansion echoes the sentiment among some big banks that are trying to increase their presence across Europe to offset the impact of Brexit.