Binance Brings “Binance Pay” For US Customers
- Binance has debuted “Pay” feature for all its customers in the United States.
- The feature was launched in Feb 2021 but wasn’t available for US customers.
- Users can now send money “immediately” using their smartphones.
- The firm is also working on a web version for the Binance Pay feature.
- The exchange has also re-opened USDC withdrawals.
The world’s biggest crypto exchange, Binance, has opened a new payment method for its customers in the United States. As per a blog post from the leading crypto platform, America-based customers of the exchange can now use the “Pay” feature to send money to other users quite easily, avoiding complex payment methods which take time for settlements.
As per a Tuesday blog post, Binance Pay will be available to the US customers and CEO Changpeng “CZ” Zhao said payments is one of the “most obvious use cases for crypto.” It is crucial to note that the Pay feature has been a part of the exchange’s ecosystem since February 2021 and since then, a US release has been pending.
However now, Binance Pay will allow “users to send, request and receive almost 150 different cryptocurrencies from other users, enabling instant, zero-cost crypto transfers.” This seems to be an attempt to increase the trading volume on the crypto exchange amid an increasingly bearish crypto market which has affected the prices of all the crypto coins. The exchange also removed trading fees from Bitcoin (BTC) and Ether (ETH) trading pairs to bolster volume on the platform.
“Pay eliminates the complexities of transferring crypto to contacts as users no longer need to enter a complex deposit or withdrawal address, pay gas fees, or wait an unspecified amount of time for transactions to successfully settle,” the company said.
Currently, US-based users can immediately use the Binance Pay feature from their smartphones. However, the company is still working on a web-based feature that could be released in the near future.
Binance Reopens USDC Withdrawals
As reported earlier by Bitnation, the leading crypto exchange had paused withdrawals of Circle’s USDC on the platform which gave rise to a FUD in the crypto community. Many people started withdrawing their money from the exchange which was already facing the consequences of a Reuters report stating that half of the US Department of Justice (DoJ) is aiming to file criminal charges against Binance.
The leading exchange denied the charges while the crypto community stated that this is a co-ordinated media attack. Due to the rumors of a DoJ investigation and potential issues in the Binance proof of reserves report, the platform’s native token, BNB, crashed as well.
However, the USDC withdrawals are back online on Binance as per a blog post late Tuesday. Interestingly, the exchange saw above $1 billion withdrawn from it in just 24 hours owing to fears of another insolvent firm. Although, Changpeng Zhao, the CEO and co-founder of the exchange, stated that this “is a good idea to “stress test withdrawals” on each CEX on a rotating basis.”
It was also revealed that Binance has over $60 billion in cold wallets which is sufficient to back customers funds in case things go South.
Talking about the USDC withdrawal pause, the executive stated that the channel to swap from PAX/BUSD to USDC requires going through a bank in NY in USD and since the banks were not open, the situation regarding the stablecoin couldn’t be restored.