Last revised: July 13, 2023
Welcome to the send cash feature in Binance Pay (“SC Feature”).
This SC Feature is a functionality made available to you through Binance Pay. It allows you to: (A) connect with licensed third party service providers (“Service Providers") and to procure services from such Service Providers, to transfer funds to your intended recipients (“SCSP”); and/or (B) seamlessly access our Binance P2P service to directly trade digital assets with other counterparties, through the Binance Pay/Send Cash feature. For clarity, SC Feature in these terms refer to both the functionality mentioned in (A) and (B) of this paragraph.
If you procure SCSP services from Service Providers, additional SCSP specific terms may also apply.
These terms, and the additional specific terms as set out in the Appendix below (if any) or as incorporated herein pursuant to these terms (collectively, “SC Terms”), are concluded and constitute a legally binding agreement between you (the user of SC Feature in Binance Pay) (referred to as "you"), and Binance (as defined in the Binance Terms) ( "Binance", "we", "our" or " us").
Please read these SC Terms carefully as they govern your access to and use of the SC Feature within Binance Pay. If you do not agree to these SC Terms or any other terms that are incorporated by reference herein (all of which, may be amended from time to time without further notice), please cease access immediately and do not continue to use the SC Feature in Binance Pay.
For clarity, your continued access to and use of SC Feature shall constitute your acceptance of these SC Terms and all other terms that are incorporated herein, including any updates or modifications to them from time to time.
ACCEPTANCE AND MODIFICATION OF SC TERMS
We may change or amend these SC Terms, or add new or remove existing features and change any part of the SC Features, at any time at our sole and absolute discretion. In respect of any changes or amendments to these SC Terms, such changes will be effective as of the “last revised” date referred to at the top of this page. In addition, you also acknowledge and agree that we may (but shall not be obliged) to notify you of any changes to the SC Features or to these SC Terms. In this regard, you agree and undertake to regularly refer to these SC Terms and any other announcements that we may make from time to time, through any communication channels that we may deem fit.
We may also, at our sole and absolute discretion and without notice or liability: (a) change, suspend or discontinue any aspect of the SC Feature at any time, including but not limited to the availability of any feature, product or service that are listed and made available by Service Providers for your purchase; (b) impose limits or conditions on certain SC Feature or restrict your access to any part or all of the SC Feature; and (c) cancel, deny or reject any request initiated by you in the SC Feature of Binance Pay, that are deemed in violation of these SC Terms or any other terms and conditions that may be applicable to you (including those imposed by third party Service Providers on you, if any).
(A) If you use our Binance P2P service accessed via the SC Feature, you will also be subject to the terms and conditions generally applicable to Binance P2P service (accessible here: https://www.binance.com/en/support/faq/binance-p2p-terms-of-use-f886bd1d1d72449faf7dde4220eadbe0), the terms of which shall be deemed fully incorporated into and be read together with these SC Terms. For the avoidance of doubt, please note that the Binance P2P service (as accessed via SC Feature):
(i) only seeks to provide you with a channel to directly trade digital assets with your counterparties. We provide you a platform for buyers and sellers to broadcast their offers. Binance P2P serves you as the facilitator of the transaction. Once the offline fiat assets exchange are confirmed by both parties (for which we are not involved and play no role in), we will release your digital assets to the buyer; and
(ii) only allows you to sell your digital assets to potential buyers, and to make arrangements with buyer, for buyer to separately transfer fiat assets into your own bank account or your own e-wallet.
(B) In all other instances, please note that services offered to you via SC Feature, will be provided by third party Service Providers who are licensed payment services providers. We are not affiliated with any of these Service Providers. By using SC Feature in Binance Pay Platform to raise a request with Service Provider for SCSP services, you acknowledge and agree that: (a) you are obtaining SCSP services from the licensed third party Service Provider directly, through us; (b) our role is limited to being a technology services provider and facilitator, by connecting and integrating with, and conveying your instructions to, the Service Provider; (c) processing of any and all such transfers by Service Provider to your designated recipient is solely performed and provided to you by Service Provider; (d) we do not perform any regulated services as part of the above mentioned SCSP services; and (e) you agree to comply with any other additional terms that may be imposed by our Service Providers to its customers (if any).
Unless the SCSP specific terms specify otherwise, the Service Provider is solely responsible for the provision of SCSP services to you (including but not limited to its quality, performance or availability), and to resolve any and all disputes relating thereto.
Transacting on own account: By accessing and using SC Feature in Binance Pay, you represent and warrant that all activities under your account are activities carried out by you. You shall only use the SC Feature, Binance P2P service and SCSP services to transact on your own account and not on behalf of any other person or entity.
Getting to know you: Without prejudice to the generality of any other rights that we or Service Provider may have under the Binance Terms, these SC Terms or any other terms agreed between you and us, you further acknowledge and agree that we and/or Service Provider may be required by law to carry out all necessary security and customer due diligence checks on you (including on parties involved in your requested transaction, for example, your recipient) as part of service provisioning to you. You therefore agree, if requested to do so, to comply with any request by us or Service Provider for further information and to provide such information in a format acceptable to us or Service Provider. In addition, you also authorize and agree that we and Service Provider may make, directly or through any third party, any inquiries that we or Service Provider consider necessary to validate information provided to us and/or Service Provider.
Cancellations and/or Refunds where you procure services from Service Provider: Unless the SCSP specific terms specify otherwise, all cancellations/refunds in respect of any requests initiated by you via the SC Feature, will also be handled by Service Provider. We have no role in governing refund/cancellation charges imposed by Service Providers (if any). The Service Provider is also solely responsible for the SCSP services made available by it to you directly. You may however contact us to surface your queries to the relevant Service Provider for resolution.
By using the SC Feature to initiate a transaction, you agree: (a) to pay any fees that may be chargeable; and (b) for us to deduct the corresponding amount of cryptocurrencies from your Binance Pay Wallet. The conversion of your selected Cryptocurrency to USDT (for the purposes of sending USDT to Service Provider, if applicable) may also include a spread. Further details of the applicable fees (if any) are set out in the Binance Pay FAQ at https://www.binance.com/en/support/faq/d6fabc736d1f4e7fb60e56afe6d1f3b9 ("Fee Schedule") (or such other webpage that we may specify), which we may revise or update at our sole discretion from time to time.
You also agree that you are solely responsible for configuring your information technology, computer programmes and platform in order to access our SC Feature and Service Provider’s SCS. You should use your own virus protection software. You must also not misuse the SC Feature and/or SCS by introducing viruses, trojans, worms, logic bombs or other material which is malicious or technologically harmful. You must not attempt to gain unauthorized access to our or Service Provider’s servers, computers or databases. In the event of such a breach, your right to use our SC Feature and to avail yourself to Service Provider’s SCS will cease immediately.
REPRESENTATIONS AND WARRANTIES
You represent and warrant that:
Use as currency trading platform is not permitted: You will not use our SC Feature, as a currency trading platform (including but not limited to creating a series of money transfers without the intention of completing them or for seeking to profit from cryptocurrency to cryptocurrency/fiat conversions). If we or Service Provider detect that you are using the services for these improper purposes, we or Service Provider may, at our sole and absolute discretion, set a limit on the number instructions you may send via SC Feature in Binance Pay Platform, cancel your instructions, or impose such other limitations as we or Service Provider may deem fit. Such limitations may include, but is not limited to, the amount and type of currency that your intended recipient can receive, and your ability to use this or other features in Binance Pay Platform among others).
Personal use: You are using our SC Feature for your personal and private use (if you use SC Feature for any commercial or business purpose we will not be liable to you for any loss of profit, loss of business, business interruption, loss of business opportunity, or consequential loss).
Compliance with third party requirements (if applicable): You will fully observe and comply with any and all user requirements and requests that we may notify you of from time to time (if any) (including but not limited to requirements or requests imposed by Service Provider from time to time), whether by way of amendments to these SC Terms or otherwise. You also agree that your observation of and compliance with any and all such user requirements and requests shall be a condition for the SC Feature to be made available to you.
Compliance with laws: You will comply with all laws and regulations as applicable to the use and operation of the SC Feature, and that you will not use any services in the SC Feature for purposes of or in connection with any unlawful or fraudulent activity. You also agree to provide us (and Service Provider, where applicable) with such assistance and information (including documents) as may be reasonably requested from time to time for the purpose of enabling us and/or Service Provider to comply with all applicable laws and regulations.
(A) Insofar as you select and use the Binance P2P options in Binance Pay/SC Feature, all applicable rights and protections (including but not limited to disclaimers) afforded to us under the applicable Binance P2P Terms shall equally apply. (B) Insofar as you select and use SCSP services provided to you via the SC Feature, you acknowledge and agree that such services are offered and provided to you entirely by Service Provider, through us, on an “as is” and “as available” basis. (C) To the maximum extent permitted under applicable law, we do not guarantee, we expressly disclaim, and you agree to waive, any and all other warranties of any kind, whether express or implied, including, without limitation, warranties of merchantability, fitness for a particular purpose, title or non-infringement or warranties arising from course of performance, course of dealing or usage in trade. Without limiting the foregoing, we do not represent or warrant that: (a) the SC Feature, its contents, Binance P2P service or SCSP services provided thereunder, are accurate, complete, reliable, current, error-free, or free of viruses or other harmful components; or (b) the quality of the services to be provided by third party Service Provider (if any), or their reliability, availability, or ability to meet your needs.
To the fullest extent permitted by law (and without limiting any other provision in these SC Terms), we, and our Binance Affiliates, hereby exclude all liability to you or anyone else for any loss or damage of any kind (howsoever caused or arising) arising from or in connection with: (a) the provision of SCSP services by Service Provider to you (including without limitation, its quality, performance and/or its availability), notwithstanding that your access to such SCSP services is via our SC Feature; and (b) the provision of Binance P2P services to you (including without limitation, its quality, performance and/or its availability), notwithstanding that your access to such services is via our SC Feature.
You further understand and agree that we will not be responsible or liable to you or anyone else for any errors, delays, losses or damages arising out of or relating to: (a) any inaccuracy, defect or omission of cryptocurrency price data; (b) any interruption, error or delay in the transmission of data or the processing of your request by us, Binance Affiliates or Service Provider; (c) any service interruption or system downtime in relation to or arising from SCSP services that are wholly performed for you by Service Provider. Such services include, but are not limited to, the transfer of fiat by Service Provider to your intended recipients (d) any regular or unscheduled maintenance carried out by us and/or our other partners (including Service Providers) in the provision of SC Feature or SCSP services to you (as the case may be); (e) any damage incurred by other users’ actions, omissions or violation of these terms; (f) any damage caused by illegal actions of other third parties or actions that are not authorized by us; and (g) other exemptions mentioned in disclaimers and platform rules issued by us.
You also agree that you and your intended recipients shall bear all risks in respect of your use of and reliance on Service Provider’s services. Accordingly, you also agree not to make any claim whatsoever against us or our Binance Affiliates, in respect of your use of and reliance on Service Provider; and when you use SCSP services, to only look to Service Provider for recourse (if any), in the event of any error, loss or delay suffered (due to system downtime, planned or unplanned maintenance or otherwise) as a result of any inadequacies, delays or failures in Service Provider’s service provisioning to you.
For clarity, the clause in the Binance Terms on “Resolving Disputes: Forum, Arbitration, Class Action Waiver” shall apply in its entirety to your access to and use of this SC Feature, as if the same were expressly set out in these SC Terms.
APPENDIX - SCS SPECIFIC TERMS
You may use Binance Pay to access and receive services from Service Provider (a licensed payment services provider), through which, you can instruct Service Provider to transfer funds to your designated recipient on your behalf, by way of bank transfer, mobile e-wallets or cash payout (if such options are available). For clarity, the processing of any and all such transfers by Service Provider to your designated recipient (including the conversion of Cryptocurrencies to fiat, and any other regulated services where applicable) is solely performed and provided to you by Service Provider. In this respect, you further acknowledge that we do not perform any regulated services as part of the above mentioned SCS.
SCSP services are provided by Triple A Pte Limited, a company incorporated under the laws of Singapore with UEN 201717321C, and licensed by the Monetary Authority of Singapore (“MAS”). Verification of Service Provider’s licensing status is available from MAS’ website, accessible here: https://eservices.mas.gov.sg/fid/institution.
Setting instructions: You must first provide instructions via the Binance Pay Platform. Instructions required from you may include details such as (but not limited to) recipient last name, recipient first name, recipient’s country, destination account provider (i.e. bank name, mobile wallet provider or cash pick up provider), destination account details (i.e. number/ID), amount of fiat to be received by recipient, and which Cryptocurrency you would like to use to convert to USDT (Service Provider will be funded in USDT, for the purpose of carrying out your instructions). You also agree that such information may be shared by us with Service Provider, for the purposes of enabling Service Provider to carry out your instructions. For the avoidance of doubt, the categories of details required from you under this clause may be subject to change by us or Service Provider from time to time.
Confirmation: Based on the instructions you have provided, Binance Pay Platform will then indicate to you the fee payable for this service. This fee, as shown on our Binance Pay Platform, is the sum total of all charges arising from your use of this service (which are to be fully borne by you), including but not limited to the following (if any): fees chargeable by Service Provider for its service provisioning to you, and fees chargeable by us (if any). The conversion of your selected Cryptocurrency to USDT (for the purposes of sending USDT to Service Provider) may also include a spread. The estimated time for Service Provider to complete processing your instructions (as notified by Service Provider to us) will also be shown to you. Please check the details as shown, including the instructions and fees chargeable, applicable crypto exchange rate, and time that Service Provider needs to complete your instructions (“Processing Timeframe”). By clicking confirm and proceeding with this transaction (“Confirmation”), you acknowledge and agree that the instructions are correct, and that the fees chargeable, crypto exchange rate and Processing Timeframe are acceptable to you. You also agree for us to convey these information to Service Provider on your behalf. For clarity, you are solely responsible for providing the correct instructions. If you provide any incorrect information, we and Service Provider will use reasonable efforts to recover the funds for you, but provide no guarantees or representations whatsoever that such efforts will be successful. We and Service Provider also reserve the right to charge you an additional fee for taking steps to recover such funds. You also agree that if we have processed your instructions in accordance with the information you have provided to us, it will be considered correctly completed even if you have made a mistake.
Processing: You acknowledge and accept that Service Provider will use reasonable efforts to ensure funds arrive at your recipient’s account within the Processing Timeframe notified to you. Notwithstanding this, you acknowledge and accept that we and Service Provider do not have any control over the time it may take for the recipient’s bank or payment provider to credit and make available funds to the recipient.
Others: Your payment instructions must not exceed certain threshold amounts that we or Service Provider may reasonably impose from time to time, in Cryptocurrency value or currency equivalent. You must also provide us with sufficient Cryptocurrencies before we can process your instructions. We and Service Provider have full rights to refuse to execute your instructions or provide any SCS to you if there are insufficient funds, or if you refuse to provide us with such information or documents that we or Service Provider may reasonably request.
If you have any transaction-related complaint relating to SCSP services, you must lodge your complaint with us within a maximum period of 30 days from the date of Confirmation (as defined above), or such other longer and extended time periods as may be specified by us or Service Provider from time to time. If the issues relate to the service delivery by our third party Service Provider, we will assist you by informing the Service Provider on your behalf, and coordinating with the third party Service Provider. For the avoidance of doubt, The Service Provider is solely responsible for the provision of SCSP services to you (including but not limited to its quality, performance or availability), and to resolve any and all disputes relating thereto.
Refunds in respect of SCSP services (if any): If we are informed by Service Provider that their attempt to carry out your transfer instructions is not successful (“Service Provider’s Notification”), or if you are entitled to a refund, we will initiate the refund to you in USDT to your Binance Pay Wallet. We will liaise with the Service Provider and use reasonable efforts to ensure (but no guarantees) that the funds will arrive in your Binance Pay Wallet as soon as practicable.
Other requirements, terms and conditions applicable to SCS provided by Service Provider
Additional requirements, terms and conditions applicable to the SCS provided by relevant Service Provider, out in the web page accessible here: https://www.binance.com/en/support/faq/72dc08f042f84f92824ea9a86a491917.