This is definitely huge for Binance traders!

[cheezcarls]

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

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!

[wajik-tempe]

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

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

[Blue_oxen]

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.

[elewton]

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.

[BitcoinHunt3r]

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.

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.

[avikz]

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

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

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!

[exstasie]

There are risk factors as well because people can use such facilities for money laundering.

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.

[JeffBrad12]

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.

[nicolas1979]

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

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!

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.

[Wexnident]

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.

 

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

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.

[justdimin]

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.

[EdenHazard]

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 .

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 
That's the breakthrough.

[panganib999]

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.

[target]

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.

[The Sceptical Chymist]

It is supposed to be free since beginning because it doesn't endup transacting into blokchain so why they collected fees earlier.Maybe good for someone who is doing trades as group but not going to be much effective in my opinion.

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.

[nelson4lov]

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.
<snip>

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.

[Quidat]

It is supposed to be free since beginning because it doesn't endup transacting into blokchain so why they collected fees earlier.Maybe good for someone who is doing trades as group but not going to be much effective in my opinion.

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.

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.

[BitHodler]

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.

[harizen]

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.

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.

You might want to read the announcement again mate.

[exstasie]

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

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. They want to capture some of that Chinese liquidity since there is still a vacuum from all the exchange closing or moving offshore.