"BINANCE PAY" A Mobile Payment Service Of BINANCE Has Been Launched For US Users

Binance Pay is a contactless and borderless gateway on the Binance App that enables customers and merchants worldwide to utilize cryptocurrency without paying additional costs. All transactions offer zero gas and zero transaction fees with quick settlement for Bitcoin, Ethereum, or any of the 150 supported cryptocurrencies.

The new service, according to Binance.US, removes the complexity of sending cryptocurrency to contacts by eliminating the need for users to input a complicated deposit or withdrawal address, pay gas costs, or wait extended periods of time for transactions to settle. Binance facilitates settlements, and the crypto-to-crypto gateway accepts a variety of crypto assets, including BNB, Bitcoin, and Ethereum.

Users of the exchange may test this functionality by downloading the most recent version of the Binance.US mobile app. Binance Pay will also be available on the web, according to the American branch of the world's biggest crypto ecosystem.

“With Pay, we give a simple and straightforward user experience, with intentional cost-saving advantages for our Binance.US community, to bring the value and usefulness of crypto to users' daily lives. ”Here's what Binance.US users may expect from Pay, the announcement says.

Binance.US was apparently trying to expand its seed round with a $50 million follow-on fundraising. In April, the three-year-old cryptocurrency exchange raised around $200 million at a pre-money value of $4.5 billion. Despite having higher trade volumes than its competitors in the US, Binance.US is still far behind Coinbase.

Binance CEO Changpeng Zhao said last year that, depending on the company's progress, Binance.US is considering an IPO to go public within three years. CZ stated at the time that Coinbase, the first crypto exchange to go public, helped establish the groundwork for other crypto startups to follow.

Despite making $800 million to $1 billion in profit last year, Binance.US was seeking a good strategy to raise VC funds in order to lessen its reliance on the global parent business.

Binance.US has seen plenty of news headlines in recent times as regulatory focus returns to the crypto space. Recently, a group of investors purchased TerraUSD (USTC) and its sibling coin Terra (LUNC) on Binance. The United States filed a class-action lawsuit.

The plaintiffs claim that the crypto exchange and its CEO, Brian Shroder, deceived them and violated federal and state securities laws.

BINANCE has resumed USDC withdrawals

Recently, due to FTX bankruptcy, Binance suddenly halt the withdrawals of USDC.

However, after 24 hours of pausing the withdrawals, Binance resumed customer withdrawals for the stablecoin USDC on Tuesday.

That pause occurred as Binance saw a big surge of withdrawals as crypto markets remained volatile in the aftermath of FTX's crash last month.

According to blockchain analytics platform Nansen, Binance experienced around $3 billion in total withdrawals during the 24-hour period ending at 1 a.m. on Wednesday, its biggest client withdrawal event since June.

Nansen has monitored $59 billion in assets in known Binance-controlled wallets, $36 billion of which is held in the BNB and BUSD coins produced by Binance.

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