Binance Phases Out Pay ID Support Starting August 6

Bittime - Binance, one of the world's largest crypto exchanges, has announced that starting August 6, 2024, it will phase out support for the Pay ID payment method. This announcement was made via an official report from TechFlow, and marks an important change in the way users can manage crypto transactions on the Binance platform.

Binance Unaffected for Other Methods

Although support for Pay ID will be discontinued, Binance emphasized that the ability to send and receive cryptocurrency using Binance ID, email, or phone number will not be affected. Users can still use other methods available on Binance Pay to carry out transactions smoothly. This step aims to ensure that the transition to the new payment method is seamless for users.

Binance Switching Steps to New Payment Method

Binance recommends that users start switching to other payment methods available on the platform to avoid disruption in their transaction activities. With these changes, it is important for users to update their payment information and be familiar with the new options offered by Binance. This transition process is designed to make it easier for users to adjust to the changes without significantly impacting their experience.

Storage of Transaction Track Records on Binance Pay ID

Although support for Pay ID will be discontinued, Binance ensures that a track record of transactions sent or received via Pay ID will remain available. Users can still access their transaction history from the [Pay] > [Transaction History] menu on the Binance platform. This means that even if this payment method is no longer supported, previous transaction information remains accessible for reference and tracking.

Impact on Users and Binance Pay ID Transition Tips

For users, this change may require some adjustment, especially for those who are used to using Pay ID for their transactions. Therefore, it is recommended to start exploring and setting up alternative payment methods provided by Binance. By doing this early, users can ensure that they don't run into difficulties when Pay ID is no longer supported.

Conclusion

Binance's decision to stop supporting Pay ID starting August 6, 2024 is a strategic step in managing payment methods on their platform. By ensuring that other methods continue to work and transaction track records remain available, Binance aims to make this transition as smooth as possible for its users. It is important for users to follow these updates and adjust their payment methods as needed to ensure smooth transactions in the future.

How to Buy Crypto with Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. over is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor graphic movement price Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.