Bitcoin Forum

Binance has just announced a way to easily move money between accounts on the exchange. According to the announcement, transfers are now free and instant.

Users can withdraw assets from one Binance account to another without the need for any block confirmations. With zero transfer fees, moving money between accounts is instant. Withdrawals to another account are done through the ‘withdraw’ tab, like withdrawing any other cryptocurrency on the exchange. The new feature can be enabled and disabled via API.

Check the full news here (https://beincrypto.com/binance-now-offering-free-and-instant-internal-transfers/?utm_campaign=amba&utm_medium=social&utm_source=bitcointalk&utm_content=jc)

It looks like Binance has done it again! They've made a very good move by letting our transfers absolutely instant and free!

Changpeng Zhao once again making me and the other Binance traders happy. I just hope there will be more surprises and improvements to come in the Binance exchange.

Been supportive of Binance ever since, especially meeting Changpeng Zhao twice in person. Withdrawing assets without the need of block confirmations is absolutely amazing!

Once again, thank you Changpeng Zhao for this!

Does this will make binance users will do transaction without trading and they will just sell their coins directly to the people itself to avoid the fee, but it will increase scam if many people are doing this

Binance is actually a lot slower than other exchanges. Gate exchange has been in-house transactions for a long time and this is considered a lack of exchange for a long time. I have consulted with Binance developers about this for a long time but now they can do it. But anyway, this is good news for people who have multiple accounts at Binance and transaction fees are no longer a problem. I think Binance will soon grow back above the $ 25 - $ 30 price range if we continue to offer such great policies.

wooh, a very good news for Binancers. I am also one of the traders there and I often experience quite a lot of cost issues when I constantly move my coins to different wallets.
This internal trading is one of Binance exchanges' wise decisions because it is showing professionalism and care in customer care. Hopefully, after this news, Binance will grow stronger and not disappoint the holders.

Maybe at least they already did it. Because cost fee between accounts in 1 exchange look like very high especially in exchange it have fixed fees. In my local exchanges, already did it too btw. Because they like detect when we submit the address and like it automatically detect if it is address from the exchange. And then no cost fee when we want to transfer bitcoin/ other coin to that address.

Yes, people can certainly do that! Internal transfers are usually used for this reason only! If we both hold Binance account then it will literally become free for us to transact among ourselves! There are risk factors as well because people can use such facilities for money laundering. But I believe Binance is very strict against such fraudulent activities and they have very good detection mechanisms employed! So let's take it as a new way of crypto transactions that is free and instant!

The first thing that comes to mind for me is BTC-e codes. Anyone remember those? I traded quite a bit with them peer-to-peer in my early days. I also have a friend in the Ukraine who cashed out primarily through BTC-e codes on secondary markets. They were awesome for avoiding KYC.

I'm a bit surprised to see Binance heading this direction given the general move towards stricter AML/KYC in the industry.

Every exchange should actually implement this. I mean it's just moving number from account to account there's no point of the need to do a transfer through withdrawal because that'll require so much time and will take a lot of fee if done frequently, risk of losing money due to mistakenly pasting an address and because these exchange are centralized which mean exchange can do that just easily. I hope that other exchange will follow this initiative aswell so that it will be convenient.

Good news for people who need reduce fees transactions, Binance is the place and you can do it right now. But I believe there's no " free ", maybe there's minimum amount and maximum transactions in a day. I trust Binance like the others, so let's visit the web to find the true information about it. Even this is good news I really want Binance can create event/ bounty for bounty hunter like me, I hope.

Grats to all Binancers ( if such a term exists) out there. Could be a potential increase in Binance users cause of this, since some might have avoided this because of the fee's in transferring from your own accounts.

 I highly doubt it. You already told the reason for it tbh. It's a potential scam if you ever do such a thing. Binance didn't even make the feature for this type of transaction. Even if they added a confirmation thingy, it'd still be impossible to perform such actions through this newly added feature.

Well, that would be good if you have friends that use binance and want to exchange money between accounts but seriously for just a regular old long term investor like me it doesn't feel like it would make too much of a difference. Sure, I get paid for my work and if binance did something like that maybe it would turn into easier work and less fees and so forth but for me I would have to send it to my local exchange and turn it into fiat anyway so it won't make a HUGE difference to me.

Maybe one day it could possibly change something for someone but to me this is not really that critical. If it was that important right now there would have been pages and pages of discussions about how awesome it is, there is not and hence why its not really THAT important, its not a "must" have, its "good to" have for us.

And did you know that some other exchanges has done this since long time ago lol
This is a bit exaggerated for me but yeah that's just fair for those who expecting this zero fee and instant transfer for quite loooong ;D.

Of course this wouldn't make any huge difference in term boosting their popularity or something like that.
Once they allow users to withdraw , deposit or trade thousands bitcoin in the account without have to do kyc... people will come there in droves and talking about how great binance really is.

That would make a real bold difference  ;D
That's the breakthrough.

Bit late don't you think? Pretty sure a lot of exchanges have already implemented this, and Binance, well, IDK why they took so long implementing something simple as this. Plus, its kinda expected already? Its expected. Nothing new here. Just Binance doing something they SHOULD be doing kind of thing. Nothing noteworthy of celebration tbh. Poster above said what should be celebrated though. No KYC with large transactions? Everybody rejoice then.

Congrats Binance.
Yes all exchanges should just be doing all this so that the market will somehow just be one. Moving one to another will be much easy, I think this should also be done by decentralized exchanges. By then we can see  two competing markets the decentralize and dex and find data and we can analyze what sort of information and what can be done.

Well it would be a good way to sell crypto to someone else who's got a Binance account--that's the only advantage I can see of this, because having multiple Binance accounts is probably not something everyone finds necessary.  In fact, I don't see the point of it but I'm sure there are some traders who have more than one.

Good move on Binance's part, but I doubt this is huge news for all the crypto peeps.  I still wish they serviced all fifty states in the US.  That would be even better.

Big leap and announcement from Binance team.  The new feature comes with its own advantages and disadvantages though. As an advantage, Traders can easily send/receive funds instantly at no cost much like HITBTC, OKEX etc where you can move funds from main account to trading account and vice versa. This also include no blockchain confirmations.  On the other hand, If an account is compromised, movement of funds from the compromised account can be quite easily and quick.

This feature only favours Binance users. This is another way of Binance to on board new users. They haven't been at their best since the split with US users.

Same inputs thats why i dont see this news to be big for most users but only to those who do actively sell out to others using same platform account and also for multi-accounting.

As mentioned earlier these feature had already been done by some platforms already when it comes to free/instant exchange transfers thats why this isnt really a big change after all
but at least they've done something good atm.

It's a good thing when it comes to trading outside the regular books. I however don't know how they will make sure people aren't getting their accounts emptied because that's a new risk people using Binance are exposed to.

The transfers being instant isn't much special because they are just making minor adjustments in their database and that's it. It's something possible to do within any environment that's centralized. People get hyped because it's Binance. :P

Not to spoil the fun here but sending an amount within the same branch should always be instant with no-fees. Internal transactions at no-cost are now implemented at some of the exchanges for quite a long time now, even those smaller than Binance so it's not really surprising that Binance made this move.


You might want to read the announcement again mate.

It's all about secondary markets, particularly peer-to-peer fiat/stablecoin markets. Previously, a confirmed withdrawal to an external ERC20 compatible wallet was required to trade USDT peer-to-peer. With inter-account transfers, Binance is essentially creating a "voucher" system where peer-to-peer traders can instantly and freely trade for cash off-exchange.

Something tells me this is related to the massive Chinese usage of USDT. Binance is trying to tap that peer-to-peer market, same as with their attempts to open up WeChat and Alipay channels for deposits. (https://www.coindesk.com/binance-now-accepting-fiat-through-alipay-wechat) They want to capture some of that Chinese liquidity since there is still a vacuum from all the exchange closing or moving offshore.

Actually, there have been several exchanges before binance do between accounts on the exhange transfers are free and instant.
So Binance does this a little late in my opinion, but it's better to be late than never. Good job for Binance exchange. Therefore,
related to this news will make Binance exchange in the eyes of traders more positive. Indeed this greatness Changpeng Zhao as
the owner of Binance always makes improvements and changes to binance so that it can be even better. So do not be surprised if
Binance is now become the most popular and trusted exchanger among traders.

To keep themselves on the top Binance continues to come up with new features. What Binance has done is one such effort, and this is no doubt a big thing for Binance traders as well as all levels of cryptocurrency users. Because, when the transfers were free people will start using Binance not only into trading, but also for transfer of funds.

It's really appreciated that Binance has recently announced that the way transfer is getting free and between the account of this exchange, so it might be a good way to appreciation for the user of Binance, it's really a good way when you find the transfer process is looking easy and comfortable, I hope other exchange should follow this step for their own people, I think cryptocurrency exchange should follow the Moder Banking system and that's how people will take this platform for their own purpose.

Binance is too late to implement this feature in my opinion as most other exchanges are doing it for years like yobit's yocodes and cryptopia's internal transfers (as cryptopia is not in operation, I could not recall their feature name).

Is this facility available only within binance or also available for all other binance's sister concerns too? Like, recently binance acquired wazirx. Now, wazirx account holders will be able to transfer their funds to their binance account internally? I did a small research on this but no mention about such feature. Probably, they may implement in next upgrade.

Cryptopia is gone and Yobit is a ghost town. Binance is one of the biggest exchanges in the world. That's the difference. I have a feeling this will boost Chinese traffic to Binance as Chinese traders search for reliable/liquid OTC onramps for USDT.


It's platform by platform:

It should be a feature free to tap into for users, but I see it all too often on non-crypto brokers that they do charge a fee for such transfers. I'm not sure if there are any crypto exchanges that charge you for this feature, but considering that the profit margin on such a feature is basically 100%, it's a very lucrative move.

In Binance's case it probably won't really matter because they capture such a large percentage of the pie, that they can afford to offer their users features without charging for them. In the same way, they didn't charge users extra for Bitcoin withdrawals when the fees shot up to unreasonably high levels. They lost several dollars consistently for months on every withdrawal. Tells you a lot about how much profit they make.

And it's small things like that, that make binance my favorite go to exchange and also the no.1 I reccomend to newbies when they ask me which exchange I reccomend for starters.. This feature will be especially handy for me since plenty of my friends and even some relatives use binance. Instant and free transfer? Awesome!

If that will be their offer for everybody whose new to their trading site, this will attract more investors. The demand of each coins that has higher potentials will soon increase. Binance traders will earn higher profits due to more activities will be coming in and out, as they can trade more often.

Looks to me like they just hit the number they needed for profit and this is their compensation for it.
I forgot the name of the exchange but they offer the same before and it never clicked. Sorry for my forgetfulness. I do drink medicines for that.  ;D

Now, they have done. The good thing is they are going to have another hype about this although it is already late. Should have done it before.
But because of the number of supporters who trusted them it will still look like a blessing.

This is welcoming news from Binance but the doubt is who will be trading within the exchange without an escrow and i am not sure how it will be an added bonus in the overall scheme of things and how many will be using that is to be seen.

What ever they do i hope they will take care of security and we will not hear any hacking news from them.

Agreed. The announcement is exciting because the feature wasn't available before now on Binance. Most users would've loved to make internal transfers but couldn't but now, it's available. It's kinda like this. An iPhone-only feature that android users would love but don't have and now, it's available. That's a similar case.

Binance is looking for ways to add to its users base, this is one of those ways to make that work – keep existing users happy.

It's good to see how much they have been improving this year. This is going to attract a lot of new traders and even some of those that left the exchange. No one likes paying for an in-house transaction, making it to be a free thing to do is a really great. I just hope that some people don't start misusing the opportunity that has been given to them lol, just like one other person mentioned.

This is really one big surprise and I hope to be seeing more of it as time goes on. Binance has always been my favorite exchange though it's not the only exchange I make use of (about four of them), but it's on top my list.

Yes you're right about that, other exchanges have been offering this particular feature, but there is nothing wrong with an upgrade. If an exchange started offering this particular feature first, there is no need for them to rush into it so it wouldn't be like they are straight up copying what others are doing, would be best for them to take their time. And I'm happy they did.

I have used the internal transfer at Mercatox before.

I thought binance wouldn't do it, but I was wrong, it was very effective in preventing the volume from leaving their exchanges. For matters related to laundry and misuse, there is still a transaction log if there is a suspected case. The important point is that their large users will be greatly helped by this option.

They will be able to do internal transaction without any kind of fee if I am not wrong. This is what it actually sounds like though. So, according to you if someone does internal transaction between two accounts inside the exchange, then the one selling the coins to another user will not have to bear any fees. All the fee has to be paid by the buyer (if he wants to withdraw it to an external wallet). So yeah, good for sellers, bad for buyers. I don't even think they will want to take this options, since sending those coins to an external wallet of the buyer would be better.
How is this going to increase scam?

It may be late for them but at least they are following the trend. And for other exchanges that haven't done it, this will make them follow the horde for exchanges because it is Binance and other exchanges are looking towards it. This is still a good news for me and imagine that if other exchanges will do the same. We'll getting a lot of exchanges that will have no fees for inside exchange transactions. Still brought a good vibe though.

Compared to all other exchanges, regardless of their size and location, Binance is by far number 1.
The number of innovations they introduce every years is astonishing. The only downside I see is this Binance.us issue where the US exchange has got only a portion of coins compared to the international one. However, this is more of legal issues then crypto issue.

Go Binance!

Since the topic is about Bianance I wanted to comment that I spotted a lot of fake websites which claimed to be Binance and I reported them all to the Binance support through telegram and I was very upset with what they replied me. They told me that hackers will always be there, thanks for your report and we will investigate the issue. Then they never again replied, I mean that was very lame and dull of them to say like that. At least appreciate the guy who is doing some work and reporting you the clones that are scamming people.

Coming to the topic - Transfer between accounts are hardly needed and would actually encourage some sort of scam if done excessively instead they should try and reduce the fees when trading among assets.

I tried sending a few coins and it turned out smoothly and quickly. There is a little mechanism that confuses me. Is this some kind of internal transaction in a hot wallet or is there another reason? and how the transaction goes without requiring a confirmation block and fees considering that each user's wallet has a different address.

As long as they do not make transactions when coins are moved from one account to another, they should not be charging any kind of fees I believe. Yes, if you move coins and they actually do a transaction to move the coins then they are in their right to charge the transaction fees and maybe some management fees.

I see this decision has made people happy but I haven't used binance much can anyone tell me why exactly we need multiple accounts on Binance though when we can keep them all in a single account? Sorry about asking this but I rarely use Binance.

this is cool  . i never know that you can now transfer fund from one user to another , i thought this kind of feature only exist on gambling sites and other websites but the zero fee and no block confirmation is not new to me  . like i said earlier i already saw this one on other platforms and these platforms are also free when sending between accounts  . i never used binance anymore and i forgot if they have fees before  ? if yes then it is still a good news for binance traders that loves to transfer funds between accounts  .

It's looks like the Binance use "branch address system", it's makes me curious why that transfer is only work within the same Binance branch, maybe they use same wallet with thousand address for one branch and use the mechanism like  Zelle apps (https://www.zellepay.com/how-it-works). That just my guess, cmiiw.

I think this kind of transfer between accounts of the same exchange brings convenience to investors and brings certain risks. Investors should regularly check their accounts for missing tokens.

This is nothing huge and new, exchange like gate .io has introduced this features of moving funds from one account to another without blockchain interference