Amid a turbulent time for the world’s largest crypto exchange, Binance has announced a new partnership with Alchemy Pay to bring crypto payment options to e-commerce platforms such as Shopify.
Fast facts
- Running on the exchange’s Binance Pay feature, the partnership will allow users and merchants to send and receive crypto globally in over 40+ supported cryptocurrencies without incurring handling fees.
- Operating in 18 countries, merchants on Alchemy Pay’s network include Shopify, which supports 1.75 million retailers globally, as well as marketplace software company Arcadier and mobile payments company QFPay.
- This news presents some much-needed respite in a recent string of bad news and publicity for Binance, which has been subject to an onslaught of global regulatory and private sector actions in recent months. Following regulatory action against Binance by the U.K.’s Financial Conduct Authority, at least four banks, including HSBC and Barclays, have blocked their customers from making transfers to the beleaguered crypto exchange. Binance has also faced similar regulatory pressures in the United States, Japan and the Cayman Islands.
- Company CEO Changpeng Zhao recently recognized the company needs to pivot from being a tech-start up company to a financial services company in order to be fully regulated in these jurisdictions. Zhao also acknowledged he may not be the best person to lead the company through this transition, and is actively looking for a suitable replacement for his role as the head of the company.