Approximately 22 months after the global exchange released the option for its clients outside of the U.S. in 2021, the United States-based cryptocurrency exchange Binance US has eventually brought out its Binance Pay service.
The service, which first launched in beta in February 2021 for peer-to-peer transactions before being made available to merchants on March 12 for fee-free payments, enables mobile users of the Binance app to instantaneously trade with almost 150 accepted currencies.
In a blog post published on December 13 by Binance US, the company confirms that Pay transactions will not incur any transfer or gas costs and mentions that the app is now only accessible on mobile devices while getting ready to launch a web page “which will arrive in the near future.”
While everything was going on, Binance CEO Changpeng Zhao (CZ) praised the Binance American branch and urged them to “Keep developing!”
Users of Binance.US must upgrade to the newest version of the app, go through the identification authentication, and fill their Pay wallet in order to utilize the additional services.
However, the tool is limited to facilitating user-to-user payments 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. Coinglass, an on-chain monitoring tool, reports that the exchange still has a Bitcoin balance in excess of 527,304 BTC. The $17,841 value has decreased by over 42,000 during the past 24 hours, or over $754 million.
The withdrawals are thought to have occurred in response to a Dec. 13 Reuters report that recommended the U.S. Department of Justice was wrapping up an investigation into Binance that had started in 2018. According to the report, US prosecutors are divided over whether there was enough proof to bring criminal proceedings against the return and its execs.
Likewise, there have recently been recent worries about Binance's financial affairs in the cryptocurrency world. According to accounting and financial experts contacted by the Wall Street Journal in a report published on December 10, the company's proof of reserves start raising a number of concerns, and the community is fearful of the worst.
In a tweet on December 14, CZ stated that “Things seem to have stabilized,” noting that the transactions completed on December 13 weren't even among the top five transactions the company has ever completed.
According to WikiBit Risk Alerts, people are advised to be cautious and on the lookout for scams as WikiBit has collected 48 reports about this Exchange in the last three months.
As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!
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