Binance U.S. rolls out mobile Pay service

Binance US rolls out mobile Pay service

14.12.2022 11:25 (Updated 14.12.2022 11:12)
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by Irene Pinchuk
2 min read

The sister company of Binance rolled out a seamless zero-fee Pay feature for its U.S. customers.

Continuing its idea to become the most customer-friendly crypto exchange, Binance U.S. presented a peer-to-peer Pay feature:

Pay on Binance.US makes transferring or gifting crypto as seamless as cash, enabling instant, zero-cost crypto transfers for all Binance.US customers. Pay is the safest and easiest way to send and receive more than 140 cryptocurrencies on Binance.US. 

Binance U.S. notes that the feature is currently available via mobile devices, but they are working on the desktop version. With Pay, all U.S. users are free of the need to enter a complex withdrawal or deposit address, pay gas fees, or wait an unspecified amount of time for their transaction to settle successfully. To access the feature, users must update the app, go through identity verification, and top up their Pay wallet.

Binance CEO, Changpeng Zhao, reacted to the announcement with excitement:

Meanwhile, CZ wrote letters to his fellow Binance colleagues with a warning of possible turbulent times amidst media FUD and net outflows:

While we expect the next several months to be bumpy, we will get past this challenging period – and we’ll be stronger for having been through it.

Related: Binance halts USDC withdrawals

After temporarily pausing USDC withdrawals, Binance resumed them the same day. Yet, it didn’t stop users from leaving the exchange. CZ added:

We saw some withdrawals today (net $1.14b ish). We have seen this before. Some days we have net withdrawals; some days we have net deposits. Business as usual for us. I actually think it is a good idea to “stress test withdrawals” on each CEX on a rotating basis.

Related: Crypto Digest From TradeCrypto.com #190

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  • After 6+ years in Digital Marketing & Product Management of B2C relationships, I’ve moved onto the B2B world. Now I’m CEO at Scale Final Content, creating remarkable experiences for every business we work with. We Make UX Content That Ranks 🚀 We are a team of industry leading experts with 6+ years of writing experience, accomplishing the latest SEO trends. I'm a crypto enthusiast, NFT lover and marketer. Obsessed about coffee, UX design and UX content. Live in heart of crypto events, Lisbon, full of sun, ocean and music.

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