Binance ends Funding Account crypto deposits as Pay and Convert move to Spot

Starting Sept. 29, Binance announced that Funding Accounts will no longer accept direct on-chain cryptocurrency deposits, requiring users to use Spot instead. Furthermore, Binance Pay receipts and Convert order settlement are shifting to Spot, while current Funding balances will undergo migration on a separate schedule.

These modifications affect where users deposit assets and locate them following a transaction. According to Binance’s account FAQ, most users are not required to transfer existing assets manually, and its migration notice details the step-by-step account updates.

Pay receipts move before Pay spending

Assets received through Binance Pay will now deposit directly into Spot. Because Pay transactions can still pull funds from either Funding or Spot depending on a user’s Payment Priority settings, shifting the receipt account does not automatically disable Funding as a payment method.

Recurring Pay sends that rely exclusively on Funding can continue as long as Funding remains a viable source. However, Tokenearly’s review of Binance’s announcement indicates those plans will stop working once Binance eventually removes Funding as a Pay source. Although Binance has not provided a specific date for that removal, users who depend on these plans will eventually need to configure new ones using an alternative source. This upcoming removal is a distinct process from the receipt adjustments made on Sept. 29.

Convert orders now settle directly into Spot. Active limit orders supported by assets currently frozen in Funding will remain open and will settle into Spot after Sept. 29, while newly placed limit orders will freeze and settle there as well. Recurring Convert orders will settle into Spot or Earn based on user configurations, and refunds for failed recurring orders will be sent back to Spot.

Binance advises users to update their Convert plan account preferences from Funding to Spot. The announcement also instructs API users to modify their account references to Spot. Neither of these updates will result in the cancellation of existing Convert limit orders.

Peer-to-peer (P2P) users will experience a different division. Binance’s FAQ explains that users who have not posted advertisements in the past three months and are not merchants will default to Spot for buy and sell transactions after updating their Binance app. Meanwhile, advertisers will keep using Funding temporarily until a specialized P2P Account launches in December 2026. Users accessing the platform via website do not need an app update.

Binance’s revised announcement states that any assets remaining in Funding following voluntary transfers will be automatically migrated in batches beginning in January 2027. Additionally, Binance plans to rename Funding as the Stocks Account in January, though the exact date has not been finalized. This upcoming account is designed for the settlement of stocks and stock options, whereas bStocks balances will transition to Spot. Note that these adjustments may vary by jurisdiction since not all products mentioned in the notice are available globally.

?Frequently Asked Questions

01Do I need to manually move my existing assets out of my Funding Account?

According to Binance’s account FAQ, most users do not need to move their existing assets manually. Assets left in Funding after voluntary transfers will eventually be moved automatically in batches starting in January 2027.

02Where do Binance Pay receipts go now?

Incoming Binance Pay assets now land in the Spot account. However, you can still draw spending from Funding or Spot depending on your Payment Priority settings.

03What happens to my Convert orders?

Convert orders now settle in Spot. Existing limit orders backed by assets frozen in Funding remain open and will settle into Spot after Sept. 29, while new limit orders will freeze and settle there directly.