Binance ends Funding Account crypto deposits as Pay and Convert move to Spot
Pay receipts and Convert settlement change now, while Funding-backed recurring sends face a later cutoff. The post Binance ends Funding Account crypto deposits as Pay and Convert move to Spot appeared first on CryptoSlate.
From Sept. 29, Binance says Funding Accounts no longer accept direct on-chain crypto deposits. Users depositing crypto must use Spot instead. Binance Pay receipts and Convert order settlement also move to Spot, although existing Funding balances are being migrated on a separate timetable.
The changes alter where users send assets and find them after a transaction. Binance's account FAQ says most users do not need to move existing assets manually, while its migration announcement lays out the phased account changes.
Related ReadingIncoming Binance Pay assets now land in Spot. Pay transactions can still draw from Funding or Spot under a user's Payment Priority settings, so a change to the receipt account does not by itself disable Funding as a payment source.
Funding-only recurring Pay sends can continue while Funding remains an available source. Tokenearly's reproduction of Binance's announcement says those plans will cease to execute when Binance later removes Funding as a Pay source. Binance gives no exact date for that removal; users relying on such plans will need to set up new ones with another source. The announced removal is a separate step from the Sept. 29 receipt change.