Binance Launches Payments Service for US Customers
The feature has been available to Binance customers outside the U.S. since February 2021 when it was first launched. Back then, Binance founder and CEO Changpeng “CZ” Zhao said payments is one of the "most obvious use cases for crypto."
Binance Pay allows users to send, request, and receive nearly 150 different crypto currencies from other users, enabling instant, zero-cost crypto transfers.
Binance recently eliminated trading fees for both bitcoin (BTC) and ethereum (ETH) in an effort to attract more users during a time when crypto trading volumes are at two-year lows.
“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 press release said.
Binance users will be able to use the feature immediately while the exchange is also working on a web version.