Binance Expands “Pay” Feature to U.S. Customers
- Binance.US mobile app users will now be able to instantly transact with almost 150 cryptocurrencies with zero gas or transaction fees, while the web version will come in the “near future”.
- The “Pay” feature was first introduced in February 2021, but was available only to users of Binance’s global exchange, and was one of the most requested features in the U.S. since.
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The world’s most popular crypto exchange, Binance, has launched a new feature for its U.S.-based customers that enables them to send and receive crypto with instant settlement, the company said in a blog post on 13 December.
According to the announcement, the exchange’s “Pay” service has been made available to users of Binance.US’ mobile app, allowing them to instantly transact with almost 150 cryptocurrencies. The company clarified that transactions made through the Pay feature will have zero gas and transaction fees, and that it is preparing to introduce a web version on the service “in the near future”.
The feature was first launched in beta on Binance’s global exchange back in February 2021, and a month later was expanded to include merchant transactions that supported over 30 crypto and fiat currencies. The exchange also noted that the zero-fee feature was one of the most requested in the U.S..
This is not the first time Binance.US has allowed transactions without fees, with the exchange expanding its zero-fee program to include four ETH trading pairs last week. The program, which initially supported zero-fee trading of only BTC, was first launched in June in an attempt to attract more customers to the platform.
The release of the Pay feature came the same day Binance experienced an increase in withdrawals caused by fear uncertainty and doubt (FUD) spread by Reuters, which claimed there was conflict among U.S. prosecutors if there was enough evidence to press criminal charges against Binance. After processing over $1 billion in withdrawals yesterday, Binance CEO Changpeng “CZ” Zhao explained on Twitter that the “bank run” was not even in the top 5 largest withdrawal days it had experienced, and that “things seem to have stabalized” now.
- The popular crypto exchange has decided to sell its business in Russia to CommEX, a crypto exchange business that was officially launched on Tuesday.
- Binance noted that it will fully exit the Russian market, and have no ongoing revenue split or any option to buy back shares in the business.
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- The company said it will be suspending its crypto-backed debit card service in the Middle East on 25 August, and in Latin America by 21 September.
- Although no reason was given for the decision, the company noted that “less than 1% of users” in those regions will be affected by the change.
- A spokesperson said the change was due to the “changing market and user needs”, and that Binance will now be refocusing its resources on its main products and long-term goals.
- Launched in March 2022, Binance Connect helped crypto businesses connect with the traditional finance system, and supported 50 cryptocurrencies and networks such as Visa and Mastercard.