Binance is the largest crypto exchange in the world. It is a prominent platform for crypto investors and traders. However, Binance has recently been in the middle of a slight conflict with the regulators.
Due to the conflict, Binance has been banned in Malaysia and the exchange itself has ceased its services in three European nations.
However, in an attempt to recover from this inconvenience, Binance exchange has taken a new initiative. According to reports, the exchange has partnered with Alchemy Pay. The purpose of this partnership is to offer crypto payment options to users of e-commerce platforms.
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What to Know About Binance’s Partnership?
The largest crypto exchange has decided to take this step for a few major reasons. One of the reasons being the bad publicity surrounding the Binance exchange.
Due to regulatory actions taken against the exchange by Financial Conduct Authority in the U.K., several banks have banned services related to Binance. The exchange is facing the same kind of conflict with a few other countries.
Amid these unfavorable scenarios, the CEO of the company, Changpeng Zhao has acknowledged something rather fascinating for the exchange. According to him, Binance should turn around from being a tech-startup company to a financial services company.
This will make it easier for the company to comply with regulations in the countries that are currently conflicted with it. To ensure the company sets off on the right path, Zhao has been looking for a suitable replacement as the head of the company.
Considering these crucial factors, it can be seen why Binance has planned to establish a partnership with Alchemy Pay.
Alchemy Pay is currently operational in 18 countries and has some major merchants on its network, such as:
Shopify currently supports 1.75 million retailers on a global scale and the numbers for other merchants can only be imagined.
The partnership between Binance and Alchemy Pay will run on the Binance Pay feature. It will enable the users and merchants to receive and send crypto payments on a global scale. The payments can be made in more than 40 crypto assets that are supported. The users or merchants won’t have to worry about any handling fees either.
Can this Benefit Binance and Crypto Enthusiasts?
If Binance’s partnership operates as smoothly as expected it can certainly benefit the crypto exchange and hopefully bring it out of the current damaging situation.
On the other hand, it can also be beneficial for crypto enthusiasts. The option to make payments with crypto on e-commerce platforms can be a game-changer for many. Since everything is slowly going digital, online payments with digital currencies is likely to highlight Binance’s significance.
Therefore, if you are also interested in buying digital assets then make sure you opt for some of the best crypto exchanges.
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