Simex Digital Assets Exchange has announced a partnership with crypto payments provider Simplex to provide deposit services for its platform in fiat currency using credit and debit cards.
This collaboration allows Simex’s international users to make fiat deposits via a debit or credit card, which effectively provides a fiat onramp for its clients around the world. Users are routed to checkout with the EU-registered fintech company, which takes care of the authorization, payment processing, and delivery of cryptocurrencies. This makes using bank cards more straightforward and also taps Simplex’s expertise in verifying and securing crypto transactions.
Although the exact details of the partnership were not disclosed, 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.
Simplex has signed partnerships with leading crypto exchanges, including Binance, to enable users to buy cryptocurrencies with their credit cards directly on Binance.com. Most recently, it has signed mobile wallet provider Broxus to facilitate buying of bitcoin and ether directly via Telegram.
Simex slapped with SEC’s suspension notice
SIMEX Inc operates what it calls ‘a multifunctional platform’ that could perform as an investment bank and crypto exchange. The company has held a token sale, SIMEX STO, to expand its services to new jurisdictions.
The US regulators, however, suspended trading in the securities of its parent entity Simex Group Inc (formerly American Retail Group), after the Nevada-based firm made several false cryptocurrency-related claims. Among them were that they partnered with an SEC qualified custodian to offer regulated cryptocurrency transactions, as well as claims that their tokens are fully registered with the commission.
This wasn’t the first time a blockchain-related company got in trouble due to a foray into the cryptocurrency-inspired technology. Also last year, the SEC insisted on the name changes for the first Blockchain ETFs as investors seem desperate for any kind of blockchain exposure, to the point where many startups that put the word blockchain, or other cryptocurrency terms, into their name have seen their share prices soar.