Binance US finally rolls out mobile payments service to US customers

Binance US finally rolls out mobile payments service to US customers

US crypto exchange Binance US has finally rolled out its Binance Pay service – some 22 months after the global exchange introduced the feature to its customers outside the US in 2021.

The service, which launched a beta version globally in February 2021 for peer-to-peer payments that was expanded to include merchant transactions on March 12, allows mobile users of the Binance app to instantly exchange nearly 150 supported cryptocurrencies without trading fees. .

A Dec. 13 blog post from Binance US explains that Pay transactions will have no guest or transaction fees, noting that the app is currently only available on mobile as it prepares to launch a web version “which in the near future will arrive.”

Meanwhile, amid the recent FUD against Binance worldwide, Binance CEO Changpeng Zhao (CZ) applauded the Binance American unit, saying, “Keep building!”

To access the new features, Binance.US users will need to update to the latest version of the app, and go through identity verification as well as load their Pay wallet.

However, the service only facilitates transactions between users on the Binance US mobile app. Users can receive up to $1 million in crypto every 24 hours.

Related: Members of the crypto community discuss bank run on Binance

The latest announcement came amid a tumultuous period for the global crypto exchange.

At the time of writing, Binance’s Bitcoin (BTC) balance has fallen by more than 42,000 in the last 24 hours, which equates to more than $754 million, but despite the withdrawals, the exchange still has a Bitcoin balance of over 527,304 BTC according to on-chain monitoring resource Coinglass.

The withdrawals reportedly followed a Dec. 13 Reuters report suggesting the US Justice Department was nearing the end of an investigation into Binance that began in 2018, with US prosecutors reportedly divided over whether there was enough evidence is to file criminal charges. against the stock exchange and its executives.

In addition, there have also been new concerns within the crypto community regarding Binance’s finances, with accounting and financial specialists consulted by the Wall Street Journal in a December 10 report suggesting that Binance’s proof of reserves is a number raising red flags while community members fear the worst.

In a December 14 update on Twitter, CZ noted that “Things seem to have stabilized,” adding that yesterday’s withdrawals weren’t even in the top five withdrawals they’ve processed in its history.