Binance withdrawal to Paypal
How to transfer crypto from Binance to Paypal
On June 7th 2022 Paypal one of the largest fintech giants extended its services. Now users can buy, sell, and store crypto in PayPal. Let’s talk about Binance withdrawal to Paypal.
In an effort to make digital assets accessible to its users, Paypal has made it easier for users to move crypto while the user’s identity remains hidden.
How to transfer crypto from Binance to Paypal
Currently, Paypal supports only four cryptocurrencies but in future, the number will increase. The currencies supported are BTC, Bitcoin Cash (BCH), ETH, and Litecoin.
To transfer Bitcoin you will use the BTC network while to transfer Ethereum you will use the Ethereum network. In short cryptocurrencies have their own networks to enable successful transactions.
Follow the steps below to transfer crypto from Binance :
1 Login to your Paypal account and head to the crypto section in your account
2 Select the cryptocurrency you wish to receive
3 Click the transfer button. A button with two arrows and then “Receive”
4 If it’s your first time using the service, Paypal will require you to complete an ID verification process which you do only once.
5 You then will get a crypto address that you will use only for that transfer.
6 Copy the address into your Binance account and send. then wait for the funds to arrive in your Paypal account.
You can re-use the address if you are transacting the same cryptocurrency but it’s not recommended. Instead of re-using it, Paypal generates for you a new address every time you are making a transaction.
Note: Always double-check the address you are transacting to is correct. A slight error will result to you losing your crypto and there is no way you can get them back once lost.
