Binance.US Integrated Binance Pay, Offers Zero-Fee Payments to American Users
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Popular cryptocurrency exchange Binance has expanded its Binance Pay service to customers in the United States, allowing them to make easy and seamless payments using cryptocurrencies.
Easy, Quick Payments Up to $1 Million
On Monday, the popular exchange Binance confirmed that customers in the United States can now access its Binance Pay feature, which enables zero transaction fee payments. The service, which has been available to global users since 2021, will support payments in nearly 150 cryptocurrencies via Binance’s mobile app.
As previously stated, the Binance Pay service rolled out its beta in February 2021. At the time, the service focused more on processing peer-to-peer payments, allowing customers in countries with restrictive crypto laws to easily make payments for crypto. However, the exchange has since expanded Binance Pay, adding merchant payments to the service and increasing the number of supported assets.
As the new blog post clarified, Binance Pay transactions won’t feature transaction fees. However, the exchange acknowledged that it is currently only available on mobile, and support for the desktop version is expected to arrive soon.
Users looking to access this new feature can update their Binance.US apps and complete their identity verification procedures. Once their Pay wallets have been funded, they can access easy and fee-free payments. However, the service is limited to transactions between users on the Binance.US mobile app, with a transaction cap of $1 million daily.
Binance’s Effort to Democratize Crypto
The new feature is just the latest effort from Binance to make crypto more accessible to customers. Last month, the global exchange integrated Cashlink – a peer-to-peer payment service – to bring easy payments to Nigerian users.
Cashlink offers a way for crypto users to move money in and out of Web3 applications while also providing easy integrations for platforms, whether crypto or non-crypto, that would like their users to onramp and offramp money. By partnering with Cashlink, Binance has improved the seamlessness with which its Nigerian customers can get value for their crypto.
The move is especially important given Nigeria’s strong anti-crypto sentiment. Since February 2021, commercial banks have been unable to conduct any crypto transactions, with customers at the risk of getting their accounts blocked and the banks themselves facing possible fines. Peer-to-peer platforms have been the most effective means for these Nigerian investors to transfer funds.
The exchange has recently been hit by several rumors surrounding its insolvency. Amid the FTX saga and possible bankruptcies of several other cryptos first, many in the industry have been wondering whether Binance itself is truly stable.
According to a recent report from Nansen, the global exchange had a net withdrawal of about $3.6 billion in the past week. Gross inflows were set at about $5.1 billion, while outflows were pegged at $8.8 billion. In addition, while Binance saw over $2 billion in daily net inflows of ERC-20 tokens in November, those numbers have reversed to outflows of over $1 billion this week.
Binance Netflow 7D ($) -3,660,311,347
8,783,380,428 – Outflow
5,123,069,081 – InflowExchange Flows dashboard ⤵️https://t.co/CYrBQLryQ0 pic.twitter.com/vV6vcqoWKK
— Nansen 🧭 (@nansen_ai) December 13, 2022
Similarly, reports have also claimed that the U.S. Department of Justice is considering charging Binance’s top brass with financial misdeeds. While the Justice Department hasn’t released a statement, the exchange has been adamant that its executives have done nothing wrong.
As the FTX saga rages on, Binance’s reputation as the largest crypto exchange has been solidified. However, this isn’t to say that the exchange isn’t dealing with its own challenges.
