- US customers can access the mobile app payment system.
- Binance Pay supports sending, receiving and invoicing over 150 cryptocurrencies instantly and for free.
- Fear and uncertainty dominate the cryptocurrency market after Binance’s Proof of Reserves audit raised the issue.
- BNB price rose 2.9% on the day as Binance CEO CZ is adamant against money laundering allegations.
US-based customers can now access Binance Pay, Binance Exchange’s payment service, for the first time since its launch in February 2022. Binance Pay is a mobile app payment service that supports sending and receiving over 150 cryptocurrencies. .
However, despite launching the app, Binance continues to be embroiled in money laundering accusations and controversy over its financial position. Subject to FTX-style “execution”. Binance Coin (BNB) price remains resilient and he is trading 2.9% higher on the day.
Binance Pay Claims to Enable Instant and Zero-Cost Payments
The Binance Pay mobile app service, launched 10 months ago, means Binance’s US customers can now send, receive and request payments through the app. At the product launch in February, Binance CEO Changpeng Zhao (CZ) said that “the most obvious use case for cryptocurrencies” is to support payments and transfer of value.
In a statement, Binance said, “Users will no longer have to enter complex deposit/withdrawal addresses, pay gas bills, or wait an unspecified amount of time for their transactions to settle successfully. removes the complexity of transporting
BNB Price Rise As CZ Fights Via FUD
CZ joins the fight to clear his exchange’s name following accusations of money laundering by management. An article published by Reuters claimed that the U.S. Department of Justice could indict company officials for money laundering.
Binance headlines in the last 24 hours:
– US Department of Justice May Indict Binance Execs for Money Laundering
– Binance locks withdrawals on some accounts in what CEO calls ‘fair market conduct’
– Binance’s proof of reserves raises red flags
— Genevieve Roch-Decter, CFA (@GRDecter) December 12, 2022
However, Binance released a statement saying the company does not have “internal cooperation with the U.S. Department of Justice.” A statement shared with Reuters confirmed Binance’s commitment to assist law enforcement, especially in cases of ransomware, hacking, fraud and investment fraud.
Industry insiders, including Kraken exchange CEO Jesse Powell, have also questioned the recently announced audit of Binance’s Proof of Reserves by accounting firm Mazars. Powell asked journalists to investigate the audit and issued several warnings, including the inclusion of negative balances and the lack of signatures on wallets.
Ok, I’ll give you a hint. Here’s a quick one that makes it clear that this isn’t a traditional proof of reserves, and that real journalists need to dig right in.
Why use collateral value? Why negative balance included? No wallet signature? Who issues BTCB and BBTC? pic.twitter.com/F9u4XJ5WSi
— Jesse Powell (@jespow) December 8, 2022
Binance’s CEO has calmed users down on Twitter over the past few days, assuring the centralized exchange (CEX) is healthy. He accused the public of spreading fear and uncertainty (FUD) and asked users to ignore the noise and focus on building.
FUD helps us grow.
Being able to FUD without explicitly mentioning someone’s name increases awareness.
It also helps unite supporters as they form a common defense alliance.
short thread. 1/4 https://t.co/PlxhqV5cZS
— CZ Binance (@cz_binance) December 13, 2022
Meanwhile, the price of Binance Coin (BNB) is trading at $276 following a 2.9% northbound move for the day. However, the native exchange token has suffered recently as the Binance name was dragged through the mud in the last few days.
Investors have increased their willingness to sell BNB amid fears of another FTX-like narrative. It holds 3.24%, down from 3.31% recorded on December 8th.
Binance Coin Supply Distribution
BNB price jumped to $278 on Tuesday despite a surge in selling pressure since the weekend. As shown in the chart below, a break-and-hold above the trendline resistance is crucial for BNB to see a sustainable move towards $300.
BNB/USD 4-hour chart
It is worth mentioning that the Moving Average Convergence Divergence (MACD) indicator is below the average line. This means that overhead pressure is still evident. Therefore, failing to break above the trendline could puncture Binance Coin’s subtle buoyancy.
BNB may retest the support at $265 and $250 to gather enough liquidity before climbing the ladder to gain above $300.
