United States cryptocurrency exchange Binance US has finally launched its Binance Pay service, some 22 months after the global exchange rolled out the feature to its customers outside the US in 2021.
The service, which was released a beta version globally in February 2021 for peer-to-peer payments before expanding to include commercial transactions on March 12, it allows mobile users of the Binance app to transact instantly with nearly 150 supported cryptocurrencies without fees.
A Dec. 13 blog post from Binance US clarifies that payment transactions will include zero Gas or transaction fees, noting that the app is currently only available on mobile as it prepares to introduce a web version "coming in the near future."
Meanwhile, amid the recent FUD against global Binance, Binance CEO Changpeng Zhao (CZ) applauded Binance's US unit, saying, "Keep building!"
Keep building!
โ CZ Binance (@cz_binance) December 13, 2022
To access the new features, Binance.US users will need to update to the latest version of the app and go through identity verification, as well as upload their Pay wallet.
However, the service only facilitates user-to-user transactions on the Binance US mobile app. Users can receive up to $1 million worth of crypto every 24 hours.
Related: Crypto Community Members Discuss Bank Runs on Binance
The latest announcement came amid a turbulent period for the global crypto exchange.
At the time of writing Bitcoin from Binance (BTC) balance has dropped by more than 42,000 in the last 24 hours, which equates to over $754 million, but despite the withdrawals, the exchange still has a Bitcoin balance greater than 527,304 BTC according to to the Coinglass on-chain monitoring resource.
The withdrawals are understood to have followed a December 13 Reuters report who suggested that the United States Department of Justice is reaching the end of an investigation at Binance, which began in 2018, with US prosecutors reportedly split on whether there is enough evidence to bring criminal charges against the exchange and its executives.
In addition, there have also been new concerns within the crypto community regarding Binance's financials, with accounting and finance specialists consulted by the Wall Street Journal in a Dec. 10 post. report suggesting that Binance's proof of reserves increases a number of red flags while community members fear the worst.
In a December 14 update on Twitter, CZ noted that "things seem to have stabilized," adding that yesterday's withdrawals weren't even within the top five withdrawals they've processed in their history.
Things seem to have stabilized. Yesterday was not the highest withdrawal we processed, not even the top 5. We processed more during the LUNA or FTX blocks. Now the deposits are coming back. โโ๏ธ https://t.co/WLK2KyCym0
โ CZ Binance (@cz_binance) December 14, 2022
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