Huobi partners with Banxa to expand fiat services

One of the world’s largest digital currency exchanges, Huobi Global, is expanding fiat options for its users in the European Union, the U.K. and Australia. Huobi partnered with Banxa, a fiat-to-digital currency payment service, to allow its users to buy digital currencies with their national currencies.

With the partnership, Huobi users in Australia, the E.U. and the U.K. will now be able to buy digital currencies on Huobi’s over-the-counter platform via payment methods available in their respective regions.

Huobi users will be allowed to purchase up to $20,000 worth of digital currencies in AUD, EUR or GBP. They can instantly fund their Huobi accounts via bank transfers, credit and debit cards and other preferred payment methods, all at zero fees.

For U.K. users, the service will be accessible via Faster Payments, an initiative by the country’s banks to reduce payment time between different banks to just a few seconds from the traditional three business days. For the larger E.U. region, the service will be available via the Single Euro Payments Area (SEPA) initiative that seeks to make cross-border transfers faster and cheaper.

This is the latest move by Banxa in its growth as it continues to partner with leading digital currency exchanges to take advantage of convenient fiat-to-digital currency payment rails. In July 2020, the Australian company revealed that it was expanding into North American markets. Banxa partnered with U.S. firm Zero Hash for the move, with the latter providing the regulatory and technical expertise needed to navigate the U.S. market.

Banxa’s success is partly due to its willingness to work with regulators, its founder and non-executive chairman Domenic Carosa revealed during CoinGeek Live. In a panel discussing the future of compliance for digital currency service providers, Carosa called on regulators to get their act together and adopt a common approach globally as this would foster better relations with the industry.

Carosa also announced during the event that his company had integrated Bitcoin SV on all its platforms. BSV is now available on the Banxa platform, which makes the original Bitcoin available to many of the world’s largest exchanges, as well as on Banxa’s other sites such as Bitcoin.co.uk.

Watch Domenic Carosa at the CoinGeek Live panel, Digital Currency & Global Compliance: Tools & Tips for Exchanges, Wallets & Other Service Providers.

New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.