Binance Axes Direct Crypto Deposits to Funding Account

Binance has stopped direct on-chain crypto deposits to its Funding account and will route Binance Pay receipts and Convert order settlements into users' Spot accounts. This change affects how users send and receive assets, with existing balances being migrated separately.

The move means that users can no longer deposit cryptocurrencies directly into their Funding account using the blockchain. Instead, they must use their Spot account for deposits. Binance Pay receipts and Convert order settlements will also be routed to Spot, although existing Funding balances are being migrated on a separate timetable.

Existing limit orders backed by assets frozen in Funding remain open and will settle into Spot after September 29th. New limit orders freeze and settle in Spot. Recurring Convert orders settle into Spot or Earn as configured, with failed recurring-order refunds returning to Spot.

Binance recommends switching a Convert plan's account selection from Funding to Spot. API users should also update their account references to Spot. P2P users who posted no ads in the past three months and are not merchants will prioritize Spot for buy and sell orders after updating the Binance app.