Binance Pay Launches in US Amid Massive Withdrawals Shaking Up Platform

Binance users residing in the US must update their app to avail this Pay feature.

Binance Pay Launches in US Amid Massive Withdrawals Shaking Up Platform

Photo Credit: Binance

Binance had first launched its Pay feature last year

  • Binance is witnessing massive withdrawals
  • Binance Pay users in the US will get to pay immediately in 150 cryptos
  • Binance does not charge fees from Pay users

Binance is not shying away from expanding its crypto services for the convenience of its users despite the ongoing crunch in the crypto market. Almost 22 months since launching its Binance Pay mobile app in the international markets, the exchange has now rolled-out the service for its customers in the US. The feature, which supports peer-to-peer payments as well as merchant transactions, enables users to facilitate immediate payments via cryptocurrencies supported by Binance. The exchange does not charge a gas fee for facilitating transactions through the Binance Pay app.

The users of Binance residing in the US must update their app to avail this Pay feature.

“Keep building,” said Changpeng Zhao, the CEO of the exchange, as he posted an official announcement on the development on Twitter.

The global crypto market, at this point, is laying low on the financial scale after the FTX crypto exchange dramatically declared bankruptcy owing to mismanagement of funds and a massive liquidity crunch last month.

Within days, over $200 billion (roughly Rs. 16,33,300 crore) were wiped off from the crypto market post FTX's downfall, with the prices of majority cryptocurrencies having taken a hit.

As the crypto market valuation cascaded from its trillion-dollar pedestal, a large chunk of investors pulled back from the risky situation for the time being, leaving the industry breathless.

Binance, too, witnessed unusual activities on its platform. While its native BNB token dived by over seven percent in recent days, the platform also recorded large withdrawals.

Net outflows of digital tokens from Binance amounted to about $3.7 billion (INR conversions needed) in the past week, Bloomberg reported on December 13, citing data from research firm Nansen.

Zhao quickly stepped in to say that things are stabalised and that the platform has seen even higher withdrawals.

This is the second time in the recent days that Binance became a subject of public scrutiny.

In the last week of November, Binance moved BTC 127,000 amounting to around $2 billion (roughly Rs. 16,320 crore) at the time in one transaction to an ‘anonymous' wallet.

Later, the platform explained that the exchange was conducting an audit of its proof-of-reserves to ensure users that the platform would be able to handle big withdrawals.

Is the Realme Pad X the budget ‘iPad' you're looking for? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.

Further reading: Cryptocurrency, Binance Pay, Binance
Radhika Parashar
Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at More
Oppo Find X6 Leaked Design Render Offers Look at Redesigned Rear Camera Module
Airtel 5G Service Launches in Lucknow in Select Areas
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News


Follow Us


© Copyright Red Pixels Ventures Limited 2023. All rights reserved.
Trending Products »
Latest Tech News »