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Binance stops Funding Account on-chain deposits from Sept. 29

Binance said Pay receipts and Convert settlements shift to Spot as Funding-only recurring Pay sends are set to be phased out later.

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Binance said that starting Sept. 29, its Funding Accounts will no longer accept direct on-chain crypto deposits, directing users to send new deposits to Spot instead, according to CryptoSlate.

The exchange also moved Binance Pay receipts and Convert order settlement to Spot. Existing Funding balances are set to be migrated on a separate, phased timetable rather than immediately.

Binance noted that most users will not need to move existing assets manually, and it said Pay transactions can still draw from Funding or Spot depending on a user's Payment Priority settings. However, Funding-only recurring Pay sends can continue while Funding remains available as a payment source.

CryptoSlate reported that plans for Funding-only recurring Pay sends are expected to stop when Binance later removes Funding as a Pay source, and Binance did not provide an exact date for that later change. The receipt shift and the later removal were described as separate steps.

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