[NEWS] Binance Japan launches remittance service "Binance Pay"

Binance Japan, the Japanese subsidiary of cryptocurrency exchange Binance, announced on the 26th that it has begun offering "Binance Pay," a user-to-user remittance function for users in Japan.

This means that Binance Japan users can now instantly remit 56 crypto assets handled by the exchange.

According to the announcement, this service is only available between Binance Japan users, and does not include Binance Global users. In addition, it does not support sending or receiving Japanese yen. There is no remittance fee, but if the monthly usage limit of $140,000 (approximately 21.5 million yen) is exceeded, a certain fee will be charged.

With Binance Pay, crypto assets can be sent by scanning a QR code in addition to the recipient's user ID (UID), email address, or phone number. This makes it easier to send crypto assets since there is no need to enter a wallet address, which was previously required.

In the announcement, Takeshi Chino, CEO of Binance Japan, said, "We intend to go beyond the person-to-person remittance feature (P2P transactions) of Binance Pay, which we have just launched, and to explore a wide range of possibilities, including partnerships, to enable retail payments in Japan in the future."

Binance Pay is a service that was launched in 2021. It has processed over 1.2 billion payments to date, with a cumulative total of over $153 billion (approximately 23.547 trillion yen) in payment amounts, including person-to-person transfers and in-store payments.

According to the announcement, it supports over 300 cryptocurrencies overseas, and over 80 cryptocurrencies for in-store payments.

As the number of cryptocurrencies handled by Binance Japan increases in the future, it is expected that the number of supported cryptocurrencies in Japan will also increase.

Reference: Announcement
Image: Shutterstock

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