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How to Apply for Binance Pay Merchant

2021-09-17 03:42
Merchant FAQ
Personal Merchant Account
Corporate Merchant Account
Merchant FAQ
Video
We have put together a series of FAQs with regards to the Binance Pay Merchant that will be really helpful for starting out. For more information on how to apply to be a Personal Merchant or Corporate Merchant, please refer to the menu bar above.

What is Binance Pay Merchant Verification?

Binance Pay Merchant is a business platform within Binance Pay that enables payment transactions between merchants and customers. As a business owner who is part of the Binance Pay Merchant Program, you will now be able to accept crypto payments for your businesses.
Here is a brief overview of the account opening process:
  • Stage 1: Create a Binance Pay account;
  • Stage 2: Submit documents for merchant account opening and KYB (Know-Your-Business) or KYC (Know-Your-Customer) checks;
  • Stage 3: Provide additional documents/clarification upon requests;
  • Stage 4: Verify your merchant account to obtain the corresponding credentials.

How do I apply for a Binance Pay Merchant account?

1. Go to our merchant landing page and click [Become a Merchant].
2. Select your status, and click [Apply].
3. You will see an overview of the application access. Click [Apply], then fill in the form. We will review your application.

Frequently Asked Questions

No, they are independent identity verifications. Even after you’ve completed the Binance Pay Merchant verification, you still need to complete the Binance.com identity verification to gain access to other Binance website functions.
1. Go to our merchant landing page and click [Become a Merchant].
2. Click the [check application status] button.
3. The application management window will pop up, check [View details].
If you have any questions about your application status, you can also contact us via email: merchant@binance.com.
Binance Pay gathers information from merchants when determining their transaction and withdrawal limits. To further increase your limits, we need to gather additional information from you to better understand the nature of your business.
  • Corporate Merchants enjoy higher limits than individual merchants. You can indicate that you wish to verify as a Corporate Merchant when submitting your onboarding application;
  • If you want to raise your approved transaction limit, go to [My Profile] from the merchant management homepage. Click [Verify Now] or [Upgrade to higher limits] and we will open the verification page for you.
Overview of different verification level limits
Verification TypeCorporate TypeIdentification LevelWithdrawal LimitsReceiving Limit
Personal VerificationN/ALevel 1
Daily limit: 60,000 USD
Annual limit: 1,800,000 USD

Daily limit: 50,000 USD
Annual limit:
4,500,000 USD
Corporate VerificationSole proprietor
(have a registered entity)
Level 1
Daily limit: 60,000 USD
Annual limit: 1,800,000 USD
no limit
Partnership/Private company/othersLevel 1
Daily limit:
100,000 USD
Annual limit:
5,000,000 USD
no limit
Level 2
Daily limit:
150,000 USD
Annual limit:
7,500,000 USD
no limit
Level 3
Daily limit:
200,000 USD
Annual limit:
10,000,000 USD

(can apply for higher limits via email)
no limit
Important Note: These are your limits for using our merchant management platform. We reserve the right to revise these limits at any time according to our policy.
The system calculates limits in a 24-hour rolling. When your order is successfully filled, we will deduct the amount from your limits.
For example, you created a 1,000 USD order at 23:00 on August 18 (UTC+0), and the customer paid at 00:15 on August 19 (UTC+0), the 1,000 USD will be deducted from your transaction limit on August 19.
If you have used the same email to verify for a Personal Account on Binance.com, you cannot upgrade to a Corporate Account. Please use another email to submit your application.
In order to comply with local government regulations, we might require additional information from you. Generally, Personal Account applications only requires the followings:
1. Personal details, such as name, date of birth, address;
2. Your ID document, such as ID Card, driving license, passport;
3. Proof of address, such as Utility bill,Statement/letters issued by a bank/financial institution, or an authorized insurer (for credit card statement, please mask the card number).
The documents required vary for different corporate types. Please refer to the list shown on the screen. For example, you need to prepare:
1. A copy of the original Certificate of Incorporation and Business Registration;
2. Memorandum and Articles of Association / Constitution / By-laws / Operating Agreement;
3. A letter of authorization. Please issue a letter of authorization to Binance and indicate the Binance login email, applicant’s position, authorizing the applicant to operate a Corporate Account on behalf of the company. Note that it must be dated within the past three months. If the company has only one director, then the Letter of Authorization may be signed by that sole director. If the company has more than one director, it should be signed by at least two directors. If using a template, ensure that it is customized to fit your own situation.
4. An official Company Report or Government Documents issued within the last 12 months, including:
a) A list of current directors (natural person),
b) A list of ultimate beneficial owners (natural person), and their percentage of holdings, etc.
5. An ownership structure;
6. Valid passport copies/IDs of the directors, UBOs, and traders. Please do not upload edited photos/images;
7. A Sanctions Questionnaire.
In order to comply with local government regulations, we might require additional information from you. Binance uses Identity Verification to ensure the security of user’s funds, therefore, please provide accurate information to us.
Binance Pay is committed to becoming a compliant financial service provider. We work closely with legal advisors and pay close attention to the development of industry regulation to ensure that we provide merchants with safe and reliable payment solutions. Any application that does not meet the regulatory requirements will be rejected.
No, you can only own 1 merchant account.
Currently, corporate accounts can enjoy higher withdrawal and transaction limits. We will be opening all our products and services to corporate account merchants, therefore we have more stringent requirements for corporate account applications.
If you have used the same email to verify for a Personal Account on Binance.com, you cannot upgrade to a Corporate Account. Please use another email to submit your application.
Merchants have the ability to view orders and address payment exceptions directly from [Transactions] in the merchant management platform.
1. You can filter orders by the [All] or [Paid] tabs.[All] allows you to view all orders you created, including paid or unpaid orders. [Paid] only shows orders that are paid by your customers.
Additionally, you can search by order ID, order status, order currency, or date range.
2. To view order details, click [Details] next to an order.
You can see the following details: Order ID, Total Payment Amount, Order Status, Merchant Reference, Product Description, Time that the order was created, Time that the order was updated, and the Binance ID.
If this order has been refunded, we will show refund details here too.
3. You can also click the [Refund] button to review the dialog and enter the amount you want to refund. Each transaction can only be refunded 10 times.
You can choose to refund the full or partial amount of a fully paid order.
Let’s use BNB (BEP 2) to illustrate how to transfer crypto from your merchant account to an external platform or wallet.
1. Log into your Binance account and click [Accounts] - [Withdraw].
2. Click the [Crypto] tab.
3. Select the cryptocurrency you want to withdraw.
4. Next, enter the recipient address or select from your address book list.
5. Select the network. As we are withdrawing BNB, we can choose either BEP2 (Binance Chain) or BEP20 (Binance Smart Chain). You will also see the network fees for this transaction. Please make sure that the network matches the addresses network entered to avoid withdrawal losses.
6. Enter the withdrawal amount and you will be able to see the corresponding transaction fee and the final amount you will receive. Click [Withdraw] to proceed.
7. You need to verify the transaction. Please follow the on-screen instructions.
Please note that if you input the wrong information or select the wrong network when making a transfer, your assets will be permanently lost. Please make sure that the information is correct before making a transfer.

How to complete the Personal Merchant Account verification?

You may start the verification process once you receive the verification link from us in email.
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1. Enter your business/shop details and click [Continue]. Please provide the most accurate information possible so we can better assist you.
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2. Enter your personal information and click [Continue].
Please make sure that all the information entered is consistent with your ID documents. You won’t be able to change it once confirmed.
3. Choose the type of ID and the country your documents were issued. Most users can choose to verify with a passport, ID card, or driver’s license. Please refer to the respective options offered for your country.
4. Follow the instructions to upload photos of your document. Your photos should clearly show the full ID document.
For example, if you are using an ID card, you have to take photos of the front and back of your ID card.

5. After uploading the document photos, the system will ask for a selfie. Upload an existing photo from your computer and click [Continue].
Please do not wear hats, glasses, or use filters, and make sure that the lighting is sufficient.
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6. Complete the face verification on the Binance App. Scan the QR code via your App to finish the face verification process.
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7. Upload your proof of address. It can be your bank statement or utility bill. Please note that the image size cannot exceed 5MB.
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8. After completing the process, please wait patiently. Binance will review your data in a timely manner. Once your application has been verified, we will send you an email notification.

How to complete Corporate Merchant Account Verification?

If you have used the same email to verify a Personal Account on Binance.com, you cannot upgrade to a Corporate Account. Please use another email to submit your application.
You may start the verification process once you receive the verification link from us in email.
1. Enter your business information and click [Continue].
2. Enter your company information and click [Continue], or you may click [Save as Draft] and finish later.
3. Upload the required documents as instructed.
4. Enter the information of your directors and upload the required documents.
Please note:
  • For IDs, please upload a copy of your passport or ID card to prove your nationality/jurisdiction (driver’s license is not accepted);
  • For selfies, please upload in full color. Do not use screenshots, photocopies, or photoshopped/filtered images.
  • We support jpeg/jpg/png formats.
5. Enter the information of your Ultimate Beneficial Owners (UBO) and upload the required documents. Please note that you need to enter all UBOs with over 25% ownership.
6. Enter the information of your account holder and upload the required documents. Please note that the account holder has full access to the account and is required to perform face verification in the next step.
8. You can open your Binance App to scan the QR code and complete the Identity Verification on your phone or click [Use PC to do verification] to complete on your computer.
Please do not wear hats, glasses, and do not use filters. You should perform it under sufficient lighting.
After that, click [I have completed this on my phone].
9. Your application is successfully submitted. Please wait patiently for us to review.