In the session, he shared some detailed activities Binance is doing to work closely with law enforcement agencies. Also, the team delivers training to law enforcement agencies globally, with more than 70 training sessions offered so far in 2023. Users looking to send staked assets will need to go through the unstaking process, outlined here, before sending crypto that has been previously staked. Customers can request crypto from other users a maximum of 10 times in any 24 hour period.

In this step, you need to specify which currency you wish to send and the amount of that currency plus include an optional note to your receiver. If you use the QR code method, you do not need to manually provide the recipient’s details as these are included in the code. In that case, you may not be able to use the scan tool and, instead, have to use the manual method to specify the recipient’s details, amount, and cryptocurrency to send.

How Binance Pay Works

As more people sign on to the service and Binance adds more merchant stores, Pay is poised to be more indispensable, helping bring cryptocurrencies and blockchain to the mainstream. The key benefit of a prepaid crypto card is the ability to use your crypto for everyday purchases. This has traditionally been difficult to do unless a vendor directly accepts crypto. Even then, some coins like Bitcoin can take 30 minutes for a transaction to confirm. The price is also volatile, meaning you may actually pay more or less than expected.

How Binance Pay Works

Some crypto cards only offer crypto rewards on the money spent with the card. These cards are usually credit cards that require a credit check to sign up for. A typical crypto card lets you earn crypto rewards or instantly convert your crypto to fiat currency to pay for goods and services. Both Mastercard and Visa issue crypto cards, meaning you can use your crypto in millions of locations globally. Merchants can start accepting crypto payments on their local stores, online stores, or mobile applications by using the above products of Binance Pay. To start accepting crypto payments you need to signup for the Binance Pay Merchant program.

In the example image below, the recipient’s email is used (phone number and Binance Pay ID are also options). Many people prefer the traditional experience of having full custody over their crypto. A payment gateway effectively adds an intermediary into the process.

Jarek mentioned that quick and practical communication with law enforcement agencies is key and added that assistance Binance provides goes beyond responding to law enforcement requests. We also take a proactive stance, reporting incidents of potentially serious child exploitation, terrorist activities, or other criminal activities to law enforcement agencies globally. Pay is a free service included in the Binance.US mobile application. Users are able to use Pay to transfer crypto between other Binance.US users with ZERO FEES. It’s worth noting that only currencies that you already hold in your Spot or Funding wallets will appear here. Sending any other asset will require that you first go back and convert the available balance into a cryptocurrency of your choice, then come back and select it in this stage.

It offers a borderless and contactless way to transfer and receive cryptocurrencies quickly. To send crypto, all you’ll need is someone’s email, mobile number, or payment ID. You can also create a QR code that specifies an amount, cryptocurrency, and message to be sent to the counterparty.

  • To learn more about Pay and how it works, visit What Is Binance.US Pay | Frequently Asked Questions.
  • It acts in the same way as the prepaid crypto debit cards mentioned above.
  • Before proceeding further you must know about the crypto payment gateways.
  • Crypto payment gateways are simple payment gateways like fiat currencies where merchants can accept payments from their customers.
  • Having a crypto card provides all the same risks as holding crypto.

POST /binancepay/openapi/v2/order that used to create order has complicate parameter strucuture, the library doesn’t any mandatory parameter. A big advantage of the Binance Visa Card is that you can get a crypto cashback on your purchases, which can get as high as 8% at the highest cashback tier. The cashback is paid in the Binance Coin (BNB) token, and the percentage you get depends on how much BNB you hold on Binance. The base cashback tier is 0.1%, but you can already get 2% cashback if you hold 1 BNB. The higher tiers are harder to achieve for the average user, as the BNB requirements get quite high.

How Binance Pay Works

You can also use a crypto debit or credit card to make fiat payments with crypto you have in a linked account. Before proceeding further you must know about the crypto payment gateways. Crypto payment gateways are simple payment gateways like fiat currencies where merchants can accept payments from their customers. The cryptocurrency market is evolving and maturing with the latest inventions and advancements. Today some business owners also have started taking cryptocurrency as payment from their customers. To help merchants accept crypto payments, Binance has started its own payment gateway.

If you’re interested in using your crypto to pay for everyday fiat purchases, a crypto card is your best option. You can sign up for a free Binance Visa Card with your Binance account, so long as you have completed the required KYC and AML checks. To use it, simply transfer the crypto you want to use on the card to your Funding Wallet.

Pay is a peer-to-peer payment feature that allows Binance.US customers to send and receive crypto from other Binance.US users. Pay transactions feature zero transaction fees and settle instantly, no matter what cryptocurrency you transact with. Then access the Funding Wallet page, through which you can launch the Pay feature to send and receive crypto payments.

cryptocurrency payment gateway

Today, I’m only going to show you how to buy on Binance with market orders. Next, I’ll show you how to use Binance but first, you need to secure your account. However, before jumping into a step-by-step guide of opening an account, let’s also discuss how Binance works. Binance was founded in China in 2017 by Changpeng Zhao and Yi He.

Next to the [Save QR] code link is another link for selecting a cryptocurrency of choice to receive. You can change the asset you want to receive by clicking on it to open the currency selection box. Binance Card is a Visa debit card connected to your Binance account. By loading up your Card’s Funding Wallet, you can spend crypto anywhere that Visa is accepted.