Binance expands payments service to US post DOJ probe rumors

Sahana Kiran
Source – Unsplash

The United States hasn’t been an appropriate playground for the crypto-verse. Uncertain yet strict laws have forced several platforms out of the region. Binance, however, veered into the U.S. abiding by all of the necessary laws. Yet, its payments service which was launched back in February 2021 wasn’t made available in the U.S. Now, amidst immense chaos in the market, Binance is all set to bring this service to the U.S.

Elaborating on the same, the crypto exchange further said,

“[Binance] Pay 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.”

Through this, users can send, receive, and even request a total of 150 different crypto assets. More recently, the firm slashed trading fees for Bitcoin [BTC] as well as Ethereum [ETH].

This move by Binance was viewed as a bold one considering the ongoing rumors about the firm being investigated. Over the last couple of days, discussions about the exchange being investigated by the U.S. Justice Department have been surfacing. While Binance has denied these allegations, the community expressed fears through increased withdrawals.

Binance net withdrawals surge to $3.6 billion in 7 days

According to data curated by Nansen, Binance saw net withdrawals of over $3.6 billion from December 7 to 13. The outflows of the exchange were at $.8.8 billion while inflows were around $1.5 billion.

Additionally, it should be noted that these were mainly stablecoin capital flows. Over $7 billion worth of stablecoin outflows were seen. However, $4 billion in stablecoin inflows were also witnessed.

Commenting about the same, CZ noted how the latest outflows were a good “stress test” that would prove the exchange’s solvency. Today, CZ further took to Twitter and assured that things were stable.