How to deposit CNY on Binance is one of the most frequently asked questions by new users. Since mainland Chinese users cannot directly transfer CNY to a Binance account, they need to use P2P (peer-to-peer) trading to purchase stablecoins like USDT from merchants using CNY. This process is safe and convenient. First, register a Binance account to get started. It is recommended to download the Binance APP and complete the operation on your phone for a smoother experience.
What Is P2P Trading Deposit
P2P trading is the CNY deposit channel that Binance provides for users. In simple terms, you directly purchase USDT from certified merchants on the Binance platform using CNY. After the merchant receives your CNY, they release the corresponding amount of USDT to your Binance account. The entire process is custodied and guaranteed by the Binance platform. P2P trading supports multiple payment methods including bank transfer, Alipay, and WeChat Pay.
Detailed Deposit Steps
Step one: open the Binance APP and tap the "P2P Buy" or "Quick Buy" entry on the homepage. Step two: select USDT to purchase and enter the amount. Step three: the system will automatically recommend merchants; prioritize merchants with high transaction volumes and good ratings. Step four: after confirming the order, the page displays the merchant's payment information. Step five: open the corresponding payment tool and transfer to the merchant; the amount must match exactly. Step six: after completing the transfer, return to the Binance APP and tap "I have paid." Step seven: wait for the merchant to confirm receipt and release USDT, which usually arrives within a few minutes.
Important Notes for Depositing
Several important points: always use your own verified payment account; do not write anything crypto-related in the transfer notes; the transfer amount must exactly match the order amount; tap "I have paid" promptly after payment; and if the merchant does not release coins for an extended period, use the platform's appeal feature.
Tips for Large Deposits
For large amounts, bank card transfers are recommended over other payment methods for higher daily limits. You can use the "Block Trade" mode designed for large transactions. Large transactions can be split into multiple smaller ones. Prioritize merchants with the "Verified Merchant" badge.
Using Funds After Deposit
After completing the CNY deposit (P2P purchase of USDT), the USDT arrives in your funding account. To trade other cryptocurrencies, transfer USDT from your funding account to your trading account. In the APP, find "Assets," tap "Transfer," select from funding account to trading account, and enter the amount. The transfer is instant and free. Then you can purchase Bitcoin, Ethereum, or other cryptocurrencies on the spot market.