Crypto Exchange Binance Introduces Payments Service for US Customers
U.S.-based customers of Binance are now able to use the crypto exchange’s payments system, Binance Pay, to send money on their mobile app.
The feature has been available to Binance clients outside the U.S. since it was first launched in February, 2021. At the time, 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 almost 150 different cryptocurrencies from other users, enabling instant, zero-cost crypto transfers.
The exchange recently eliminated trading fees for both bitcoin (BTC) and ethereum (ETH) in an effort to attract more users during a time when crypto trading volume is low.
“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.
Binance users will be able to use the feature immediately, and the exchange is also working on a web version.