Despite the ongoing crisis in the crypto market, Binance is not shy about expanding its crypto services for the convenience of its users. Almost 22 months after launching its Binance Pay mobile app in international markets, the exchange has now rolled out the service to its clients in the United States. Supporting both peer-to-peer payments and merchant transactions, the feature allows users to facilitate instant payments via Binance-backed cryptocurrencies. The exchange does not charge a gas fee for facilitating transactions through the Binance Pay app.
The users of binance US residents must update their app to use this payment feature.
“Keep building,” he said Changpeng Zhaothe exchange’s CEO when he posted an official announcement about the development on Twitter.
#BinanceUS continues its mission to become the most customer-centric company in the world #crypto.
Today we’re excited to introduce a new feature called Pay.
With Pay you can now send, request and receive nearly 150 supported securely and instantly #cryptocurrencies without fees.
— Binance.US :us: (@BinanceUS) December 13, 2022
The global crypto market is at this point on the financial scale after the low FTX crypto exchange dramatically filed for bankruptcy last month due to mismanagement of funds and a massive liquidity crisis.
Within days of FTX’s demise, over US$200 billion (approximately Rs.16,33,300 crore) was wiped out from the crypto market, with most cryptocurrency prices taking a hit.
As the crypto market valuation plummeted from its trillion dollar base, a large segment of investors withdrew from the risky situation for now, leaving the industry breathless.
Binance was also a witness unusual activities on his platform. While its native BNB token has plunged over seven percent over the past few days, the platform has also seen large withdrawals.
Binance digital token net outflows for the past week totaled about $3.7 billion (INR conversion required), Bloomberg reported on December 13, citing data from research firm Nansen.
Zhao quickly stepped in to say that things are stabilized and that the platform has seen even higher payouts.
Things seem to have stabilized. Yesterday wasn’t the highest payouts we processed, not even the top 5. We processed more during LUNA or FTX crashes. Now deposits are coming in again. :man-shrugging::muscle: https://t.co/WLK2KyCym0
— CZ :large_orange_diamond: Binance (@cz_binance) December 14, 2022
This is the second time in the past few days that Binance has become the subject of public scrutiny.
In the last week of November, Binance moved 127,000 BTC, amounting to around US$2 billion (about Rs.16,320 billion) at the time a transaction to an “anonymous” wallet.
The platform later explained that the exchange is conducting an audit of its reserve records to ensure the platform can handle large withdrawals.
