American cryptocurrency exchange Binance.US has finally launched its Binance Pay servicesome 22 months after the global exchange rolled out this feature to its clients outside the United States.
The service, which had a beta version that launched globally in February 2021 for peer-to-peer payments and later expanded to include commercial transactions on March 12, allows mobile users of the Binance app to transact instantly and fee-free with nearly 150 supported cryptocurrencies.
A post on the Binance.US blog on December 13 clarifies that Pay transactions will have zero gas or transaction feesand points out that the app is currently only available on mobile as it prepares to introduce a web version “coming in the near future”.
In the meantime, Amid the recent fear, uncertainty and doubt against Binance globally, Binance CEO Changpeng Zhao (CZ) applauded Binance’s US unitsaying, “Keep building!”
Keep building!
— CZ Binance (@cz_binance) December 13, 2022
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 upload their Pay wallet.
Nevertheless, the service only facilitates transactions between users on the Binance.US mobile app. Users can receive up to $1 million in cryptocurrency every 24 hours.
The latest announcement has come amid a turbulent period for the global cryptocurrency exchange.
At the time of writing this article, Binance’s bitcoin (BTC) balance had fallen by more than 42,000 in the last 24 hours, which is equivalent to more than 754 million dollars. But despite the withdrawals, the exchange still has a bitcoin balance greater than 527,304 BTCaccording to the on-chain monitoring resource Coinglass.
The withdrawals came after Reuters reported on Dec. 13 that the US Department of Justice is nearing the end of a three-year investigation into Binance.with US prosecutors reportedly split on whether there is enough evidence to bring criminal charges against the exchange and its executives.
Also, There have also been new concerns within the crypto community regarding Binance’s finances.with specialists in accounting and finance consulted by the Wall Street Journal in a December 10 report suggesting that Binance’s Reserves Test Raises Several Red Flags as 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 do not even rank among the top five days with the most withdrawals in Binance history.
Things seem to have stabilized. Yesterday was not the highest withdrawals we processed, not even top 5. We processed more during LUNA or FTX crashes. Now deposits are coming back in. ♂️ https://t.co/WLK2KyCym0
— CZ Binance (@cz_binance) December 14, 2022
Things seem to have stabilized. Yesterday was not the day we processed the most withdrawals, it’s not even in the top 5. We process more during LUNA or FTX crashes. Now the deposits are coming back in.
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