Binance finally decided to discontinue the p2p wallet which was used as a p2p trading separate wallet that helps in purchasing and selling crypto with local fiat channels. On August 12, Binance announced to discontinue p2p wallet due to enhancing the user experience which will help in simplifying of wallet user interface and overall interface simplicity with more advanced features.
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Existing P2P Wallet Migration to Funding Wallet
All the users who registered after august 19 2021 00:00 AM UTC have no longer access to the Binance p2p wallet and directly they use the funding wallet with their p2p trading. Observably, this step is taken to simplify the interface of the Binance wallets section and introduce more varieties of cryptos in the p2p trading as well as individual crypto payments adoption to the mainstream.
The users who have registered before the official discontinue date have still access to binance p2p wallet and they will also gradually migrated to the funding wallet along with their all funds and setup of p2p trading integration as well. The older users are encouraged to start using the funding wallet to adopt it as a primary wallet for binance p2p trading and for binance other payments features as well. Binance will gradually send prompt messages to the users who have access to p2p wallets and can transfer their all funds to binance pay Or binance funding wallet both are the same wallet with two different names.
Binance Pay or Binance Funding Wallet Features
Following features, you can avail of either currently or in future.
- Transfers Between Different Wallets Such as your crypto bought from p2p market.
- Send or Receive between Binance Accounts Via Pay & Receive Options through Pay ID or QR Code.
- Generate Gift Boxes and Surprise Your Other Binance Freinds By Giving them Redeem Code.
- Avial large collections of variaous cryptocurrencies who are enough established and recognized.
- Currently the users can avail free transfer of crypto from binance to binance accounts.
- You can order and link your binance card and can avail direct fiat withdrawls through ATM’s and Spend direrctly on different vendor’s stores.
How To Use Binance Pay or Binance Funding Wallet?
Getting started with a funding wallet is as simple as you use p2p features just the additional feature of send, receive is through pay ID and QR code. You might get restricted for 12 hours and crypto freezes for internal transfers when the first crypto you receive from another Binance account at your email or pay ID.
To transfer crypto between Binance wallets, you have to click the transfer button and can easily switch between up and down to transfer your orders. Select funding wallet as your p2p wallet.
Pay & Receive Crypto
To pay crypto to any other user of Binance just you have at least one address of the account holder in which Pay ID Or QR code image Or Email, Phone Number of him is enough to successfully send any crypto listed in the Binance pay or funding wallet.
To Receive crypto which should be also listed in the funding wallet, provide the sender your receiver ID or QR code image and you can also provide your email or phone number as well.
Create & Claim Crypto Gift Boxs
Currently, in the mobile application of Binance exchange, you can claim the crypto gift boxes you receive from your friends and family along with good noted best wishes on different occasions through redeeming code. To create a crypto gift box you just need to go to the gift section and select the crypto you want to add in the virtual gift box, make sure you had already transferred that crypto coin/token to your funding or pay wallet. then enter your amount of that crypto you want to add and enter your wishes about your loved ones, then simply click continue and send it.
All the unclaimed gift boxes will be reversed to your wallet after 24 hours.
Binance Visa Card
Binance started offering their visa partnered Debit card to their users for direct ATM withdrawals and spending crypto directly on accepted 60 million merchants worldwide. You can order the visa card if you belonging to the allowed countries list.
Your debit card is linked with your funding wallet. you can enable the auto top-up feature in which if your card balance is low, it will automatically credit via Binance funding or pay wallet.
Binance continues to improve its services for its users to maintain the market-leading rank of the world’s top crypto trading marketplace.