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Binance Crypto Exchange Targets Cryptocurrency Payments Market

  • Binance Targets Crypto Payments Market

  • So far, the new service is available in beta testing

  • There will be no commission for receiving / sending funds

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Cryptocurrency exchange quietly announced beta testing of a new service that will compete with BitPay

Binance crypto exchange announced the launch of a new service called Binance Pay.

Binance Crypto Exchange Targets ...

This is reported in the FAQ section on the official website of the exchange.

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Binance Pay is a contactless cryptocurrency payment service. The service is expected to allow sending and receiving money in cryptocurrency.


While the new feature is available in beta testing. At launch, Binance Pay will support payments in five cryptocurrencies: BNB, BUSD, BTC, SXP, ETH, and Euro. According to the announcement, the new service in beta testing is available only to certain users. What exactly, the exchange did not clarify.

As a reminder, from January 1, 2021, all transactions with cryptocurrency assets on the territory of the Russian Federation are legalized, but the use of cryptocurrencies as a means of payment is prohibited..

The exchange expands the range of services

With the new service, the exchange giant is targeting the payments market, which has been heavily staked out by BitPay, Coinbase Commerce, Circle Pay and others..

Binance Crypto Exchange Targets ...

However, the company plans to regain market share by merging its debit card business with digital payments..

The exchange has already stated that Binance Card and Binance Pay virtual wallets are essentially the same. Incoming and outgoing transactions for both products take place in the same wallet.

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It is reported that users will be able to receive or send up to $ 10 thousand or 10 transactions in 24 hours. However, the exchange drew attention to the fact that the service will not support instant withdrawal of funds. Thus, users will be able to withdraw money to their wallets only 24 hours after receiving the payment..

Despite the fact that the new service from the exchange does not charge commissions for sending or receiving payments, the interest for withdrawing funds to external wallets remains.

Binance Crypto Exchange Targets ...

For Bitcoin, for example, the withdrawal fee for writing material is 0.0005 BTC. By the way, BitPay and Coinbase Commerce now use a similar method..

Binance also said that internal transactions between payment wallets will not support the payment return function..

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