The Long-Awaited Launch
After nearly two years of anticipation, Binance.US has finally introduced its Binance Pay service. This launch comes a whopping 22 months after the original feature was made available worldwide. For those who thought they’d never see the day—congratulations, the day has arrived!
What is Binance Pay?
Binance Pay is designed to allow seamless peer-to-peer transactions within the Binance app, which currently supports nearly 150 cryptocurrencies. And best of all? Most transactions won’t cost you a dime—yes, zero fees!
How Does it Work?
Users looking to utilize Binance Pay simply need to update their app, complete identity verification, and load their new Pay wallet. Once set up, users can send up to a staggering $1 million in cryptocurrency every 24 hours. Talk about a generous daily limit!
Beta Testing and Features
The service was initially rolled out in beta globally back in February 2021, expanding its offerings in March 2021 to include merchant transactions. As of now, the app is mobile-exclusive, with a web version in the pipeline—presumably for those who prefer transacting from the comfort of their desks (lounge pants optional).
Crypto Community Concerns
However, the launch isn’t without its complications. The global Binance brand is currently racing against some stormy weather, with a noticeable drop in Bitcoin balances—over 42,000 BTC vanished in just 24 hours! Burgeoning fears and escalating investigations into the Binace exchanges are making some users sweaty. Even CZ felt the need to jump in and say, “Keep building!”—but will building be enough?
Words of Assurance
In a flurry of tweets, CZ reassured users that recent withdrawal figures weren’t all doom and gloom. It seems Binance’s track record during major withdrawals is a bit like a rollercoaster ride: thrilling but not the end of the world. “Things seem to have stabilized,” he tweeted, indicating that deposits were once again trickling in. Can we breathe a little easier now?
