Crypto Exchange Binance.US Introduces Payments Service for Customers
The feature for users outside the U.S. started in February 2021.
Dec 13, 2022 at 1:24 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/OPZDNUGXP5GONKCYHWLXROPHHE.jpg)
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U.S.-based customers of the Binance exchange's Binance.US unit are now able to use the Binance.US Pay payments system to send money on their mobile app.
The feature has been available to Binance clients outside the U.S. since it was 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.US Pay is intended to allow users to send, request and receive almost 150 different cryptocurrencies from other users, enabling instant, zero-cost crypto transfers.
Binance.US recently eliminated trading fees for bitcoin (BTC) and ether (ETH) in an effort to attract more users during a time when crypto trading volume has been low.
Its new payment system “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.US users will be able to use the feature immediately, and the exchange is also working on a web version.
CORRECTION (Dec. 13 19:10): Fixes headline and notes throughout that Binance.US is offering Binance.US Pay to its U.S. users.
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Helene is a New York-based reporter covering Wall Street, the rise of the spot bitcoin ETFs and crypto exchanges. She is also the co-host of CoinDesk's Markets Daily show. Helene is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.