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How to Apply for Binance Pay Merchant

Binance
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 a start. For more information on how to apply to be a Personal Merchant or Corporate Merchant, please refer to the questions below.

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?

Currently, Binance Pay Merchant is in the pre-launch period and is only available to eligible users. If you are interested in becoming a Binance Pay Merchant, please contact us at merchant@binance.com. We will review your application and contact you shortly.

Is the Binance Pay Merchant Identification Verification process the same as that of Personal/Enterprise Verification?

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.

Where can I check the status of my application?

Binance Pay Merchant is still in the pre-launch period and we do not support application status checks on the website. You may contact us at merchant@binance.com to check your application status.
Please check your email regularly as we might contact you for additional supporting documents. We will also notify you via email once your application is approved.

How to increase my daily transaction and withdrawal limits?

Binance Pay gathers information from merchants when evaluating your limits. To further increase your limits, we need to gather additional information from you to better understand the nature of your business. Here are some of the methods:
  • Corporate Merchants enjoy higher limits than regular merchants. You can indicate that you wish to verify as a Corporate Merchant when submitting your onboarding application;
  • If you are a Level 1 Merchant, please contact us at merchant@binance.com to apply;
  • If you are a Level 1 Corporate Merchant, click here to submit additional information to upgrade to a Level 2 Merchant.
  • If you are a Level 2 Corporate Merchant, please contact us at merchant@binance.com to apply;
Verification Levels
Verification TypeCorporate TypeIdentification LevelWithdrawal LimitsTransaction Limits
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 proprietorLevel 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

How are the daily limits calculated?

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.

When I submit the Corporate Account application, it shows that “Personal verification has passed” and cannot proceed to the next step. What can I do?

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.

What documents are required for a Personal Account application?

In order to comply with local government regulations, we might require additional information from you. Generally, Personal Account applications only require the following:
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).

What documents are required for a Corporate Account application?

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.

Why do I need to submit additional documents?

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.

Why is my application rejected?

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 regulations to ensure that we provide merchants with safe and reliable payment solutions. Any application that does not meet the regulatory requirements will be rejected.

Can I apply multiple Binance Pay Merchant accounts?

No, you can only own 1 merchant account.

What are the differences between Personal Account and a Corporate 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.

How do I upgrade my Personal Account to a Corporate Account?

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.

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.
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