• Binance Pay supports 20 million merchants, marking a 1,700x increase since January 2021.
• Over 98% of B2C payments on Binance Pay are settled in stablecoins like USDT and USDC.
• Major brands like KFC and JW Marriott are now embracing cryptocurrency payments.

Binance Pay is the payment division of the largest cryptocurrency exchange in the world, experiencing a significant boom following its release in March 2021. The exchange currently embraces over 20 million merchants, unbelievable growth since in January there were only 12,000. This expansion highlights the rising need for crypto-based systems of payment across the globe.

The network covers many areas, such as Latin America, Africa, Europe, the Middle East, and Asia. Binance Pay currently boasts more than 45 million users, and the amount of its transactions has surpassed $250 billion. 

A significant part of this activity is business-to-consumer (B2C) payments, which are mostly paid in stablecoins. B2C transactions have used more than 98% of the stablecoins this year, and this means they have been increasingly used in world payments.

Binance Pay Expands in Argentina and Bhutan

The most popular stablecoins on Binance Pay are USDT, USDC, EURI, XUSD, and FDUSD. They are popular due to using the dollar as the peg and fast settlement. According to Binance, traders, especially in other markets where the so-called local currencies are shaky or the banking system is not well established, find stablecoins to be predictable and reliable.

Major brands, such as JW Marriott, KFC, and SPAR, have joined Binance Pay as merchants. The platform has also been joined by thousands of small businesses, as well as online stores. In certain areas, the exchange has collaborated with payment systems of the country to facilitate crypto payments. 

In Argentina, Binance Pay collaborates with the QR code of the country, and in that case, users can use crypto payments at millions of points. The tourism authority in Bhutan has embraced the platform in which tourists can use virtual currencies to pay for tourist services such as flights, visas, and hotel accommodations.

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Binance Faces Ongoing Regulatory Scrutiny and $4.3 Billion Fine

Even after it became successful, Binance has been subject to continuous regulatory scrutiny. In 2023, the company pleaded guilty to anti-money laundering violations in the United States. Binance also acknowledged that it had processed payments associated with the Hamas and Al-Qaeda groups. 

The firm was also imposed a fine of $4.3 billion, and the firm has vowed to enhance its compliance procedures in reprisal. Nonetheless, the regulatory environment is also a major challenge to the exchange.

An investigation by The New York Times and the International Consortium of Investigative Journalists identified that Binance received money associated with illegal activities. The money, which amounted to billions of dollars, was provided by hackers, extortionists, and criminal gangs, including North Korean groups. 

Binance has grown its offerings despite these issues, and it has recently concluded a $2 billion agreement with World Liberty Financial, a Trump family-owned company.

As Binance Pay continues to expand internationally, it needs to consider growing and complying. The platform’s future in the highly competitive digital payment market will depend on its success in key areas and its ability to overcome regulatory challenges.

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