The recent months have brought positive news regarding the wide adoption of cryptocurrencies worldwide. Many companies are pursuing new technologies, the largest and most well-known of which is PayPal. The financial giant has already officially stated that it plans to allow its more than 320 million users to purchase and sell cryptocurrencies. At first glance, the recent news announced by the Binance also seems positive.

Binance CEO Changpeng Zhao has announced that he plans to offer his users a debit card. This would allow exchange clients to pay with cryptocurrencies around the world. Cooperation with Visa, a giant in the field of payment technologies, is to help Binance to do this. Binance also announced a partnership with Swipe to help produce and distribute debit cards. It seems that this seemingly positive news can help speed up the much-needed worldwide adoption of cryptocurrencies.

However, there is one problem with Binance 's debit card plans. Let’s have a look at it from the point of view of the blockchain technology, shall we? Binance will not use the blockchain at any point in the transaction process. Also, the customer will still have to keep funds in the FIAT account held in Binance. If a customer’s funds in this account reach zero, the stock exchange will automatically change the setting and cryptocurrencies change to FIAT – and that is what the trader would end up with.

This means that card users will pay for services or products with FIAT, even though they use the cryptocurrency-based debit card by the Binance exchange. Instead of removing the third party from the payment process, the transaction broker, the customer will have to deal with yet another. This card is thus in many respects similar to any other traditional debit card. And that's exactly what Satoshi wouldn't like.

More than ten years ago, Satoshi Nakamoto created blockchain technology and the cryptocurrency Bitcoin to reduce the impact of a centralized financial system on the financial security and freedom of people around the world. Since Binance does not plan to use blockchain technology to increase the security of transactions or to remove the third party from the transaction process, their debit card is thus just another cryptocurrency card that secures payment for services and products using FIAT.