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Binance US Customers Get Mobile Payments

“Pay” Feature:

The “Pay” feature, which its global parent company released for users outside the U.S. in 2021, has now been made available to U.S. users by Binance’s U.S. division.

Approximately 22 months after the global exchange released the option for its customers outside of the U.S. in 2021, the United States-based cryptocurrency exchange Binance US has finally brought out its Binance Pay service.

The service enables mobile users of the Binance app to trade almost 150 supported cryptocurrencies without fees instantly. It was first made available in a test version globally in February 2021 for peer-to-peer payments before being expanded to include merchant transactions on March 12.

In a blog post published on December 13 by Binance US, the company confirms that Pay transactions will have no transaction or gas costs and mentions that the app is now only available on mobile devices while getting ready to launch a web version “which will arrive shortly.”

While everything was going on, Binance CEO Changpeng Zhao (C.Z.) praised the Binance American branch and urged it to “Keep developing” in the face of the recent FUD against Binance global.

Binance US Mobile App:

Users of Binance.US must update to the newest version of the app, verify identification, and fill their Pay wallet to utilize the new services.

However, the service is limited to facilitating user-to-user transactions on the Binance US mobile app. Every 24 hours, users can get up to $1 million in cryptocurrency.

The most recent news was made when the international crypto exchange was experiencing turbulence.

According to the on-chain monitoring tool Coinglass, Binance maintains a Bitcoin balance of over 527,304 BTC despite the withdrawals. As of the time of writing, Binance’s Bitcoin balance has decreased by over 42,000 in the last 24 hours, or over $754 million.

The withdrawals are thought to have been in response to a December 13 Reuters report that suggested the U.S. Department of Justice was wrapping up an investigation into Binance that had started in 2018. According to the report, U.S. prosecutors are divided over whether there is enough evidence to bring criminal charges against the exchange and its executives.

Additionally, there have been recent worries about Binance’s finances in the crypto community. According to accounting and financial experts consulted by the Wall Street Journal in a report published on December 10, the company’s proof of reserves raises several concerns, and the community fears the worst.

In a tweet on December 14, C.Z. stated, “Things seem to have stabilized,” adding that the withdrawals completed on December 13 weren’t even among the top five transactions the company has ever processed.

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