These Binance Pay Supplemental Terms of Use (âTermsâ) govern your access to and use of the peer-to-peer, digital asset only, transfer service (the âP2P Serviceâ or âBinance Payâ) provided by BAM Trading Services Inc. (âBAM Tradingâ), BAM Management US Holdings, Inc., and BAM Management US Holdings, Inc.âs other subsidiaries (collectively, âour,â âwe,â âus,â âCompany,â or âBAMâ). By accessing or using Binance Pay, you agree to these Terms â as well as the additional terms and conditions set forth in our general Terms of Use and our Privacy Policy, both of which are incorporated into these Terms. Capitalized terms not defined herein shall have the meaning set forth in our general Terms of Use.
1. How Binance Pay Works
After you have funded your Account with Digital Assets eligible for sending to other users, and while such Digital Assets remain in your Account, you will be able to use Binance Pay. As a party initiating a transfer (âSenderâ), you will designate a certain type and amount of eligible Digital Assets as well as the intended recipient (âRecipientâ) of the eligible Digital Asset by providing such instructions to BAM through the use of Binance Pay. You may also request eligible Digital Assets be transferred to you through Binance Pay, as described below.
2. Eligibility
Only BAM Trading users who are eligible to use the Services and who have passed Identity Verification and/or Enhanced Due Diligence (as set forth in the terms above) can use Binance Pay as a Sender or as a Recipient. Senders and Recipients may not use Binance Pay if they are residents of a Restricted State. Senders may only initiate Binance Pay transfers to a Recipient who is a BAM Trading user who is eligible to use the Services and who has passed Identity Verification and/or Enhanced DueDiligence (as set forth in the terms below). Recipients may only receive Binance Pay transfers from a Sender who is a BAM Trading user.
3. Additional Terms for Senders
In addition to the terms outlined above, the following terms apply to Senders who use Binance Pay.
Process and Identification of a Recipient. As a Sender, you will be able to send eligible Digital Assets to a single, individual Recipient by searching for a userâs name in your contact list (if you have provided us with access to it) or by entering their email or phone number if they are not in your contact list. In order to send the Digital Assets, you must provide the (i) amount; and (ii) type of eligible Digital Asset that you wish to transfer (the âP2P Instructionsâ). By submitting P2P Instructions to us, you authorize us to transfer the designated Digital Assets to the Recipient.
Transaction Timing. You understand and agree that when you initiate a transaction by entering P2P Instructions and confirming the transaction, BAM will begin processing the transfer instruction immediately and the designated Digital Assets may leave your Account as soon as the moment you confirm the transaction. Any Digital Assets you send through Binance Pay will be reflected in the Recipientâs Account, and will be available for use by the Recipient immediately following a successful and authorized transfer confirmed by you.
Failed Transfers. A transfer initiated by a Sender may fail for various reasons (âFailed Transferâ). As a Sender, you may be able to re-initiate a failed transfer by following the same steps as identified in the Transfer Process above for a new P2P transfer. For instances of a failed transfer, you will be notified and receive a failed message with notice of the failed transfer. In the instances of a failed transfer, the attempted transfer of Digital Assets will remain in your Account, and the Digital Assets will not be transferred to the Recipientâs Account.
Pending Transfers. Certain transactions initiated by you, as a Sender, may have a âPendingâ status as displayed in your Account (âPending Transfersâ). These transfers will remain in pending status for a certain period of time depending on various factors and as soon as our system limitations allow. Pending Transfers will either fail due to various reasons or will eventually become a successful transfer.
Liability for Transactions. With the exception of Pending Transfers or Failed Transfers, transfers of Digital Assets initiated through the P2P Service will be transferred immediately from the Sender to the Recipient upon the Senderâs confirmation and authorization of the transfer. Please ensure you are sending the correct amount and type of Digital Asset to the correct recipient, as completed transfers cannot be canceled or reversed. You agree that we shall not incur any liability if we are unable to complete any transaction for any reason including but not limited to because of: (i)insufficient Digital Assets in your Account to complete the transfer according to your P2P Instructions; (ii) any malfunction of Binance Pay due to circumstances beyond our control; (iii) circumstances that you were already aware of or reasonably should have been aware of at the time you initiated your transfer instruction; (iv) inaccurate or insufficient P2P Instructions; (v) any delays or other circumstances caused by any pending or failed transfers; (vi) any errors or any direct or indirect actions taken by you, that result in a mistaken or accidental transfer; or (vii) fluctuations in the market value of the Digital Asset. In addition, we shall not incur any liability for any delay in effectuating a Transfer, regardless of the reason for that delay.
Fees. While we do not charge fees in order for you to use Binance Pay, if you choose to initiate the Digital Asset transfer based on its equivalent U.S. dollar amount, the exchange rate between fiat and the digital asset may change between when the transfer is requested by you and when it is executed by us. We will, in our sole discretion, calculate the amount of Digital Asset to transfer to the Recipient based on the price of the Digital Asset and market conditions at or around the time of the transfer.
4. Additional Terms for Recipients
In addition to the terms outlined above, the following terms apply to Recipients who receive Digital Assets via the P2P Service.
Receipt of Digital Assets. Any Digital Assets you receive through Binance Pay will be reflected in your Account, and available for use by you immediately, so long as a successful transfer is authorized and confirmed by the Sender.
Failed Transfers. A transfer initiated by a Sender may fail for various reasons. A Sender may be able to re-initiate a failed transfer by following the same steps as identified in the Transfer Process above for a new P2P transfer. For instances of a failed transfer, a Sender will be notified and receive a message with notice of the failed transfer. In instances of a failed transfer, the Digital Assets will remain in the Senderâs Account, and the Digital Assets will not be transferred to your Account. Each Recipient agrees that we shall not incur any liability if we are unable to complete any transfer initiated by a Sender for any reason, or if any transfer is delayed for any reason.
Invalid Transfers. If you receive a transfer of Digital Assets through Binance Pay, and we later determine, in our sole discretion, that the transfer was invalid for any reason, such transfer will be treated as an Erroneous Deposit and subject to the terms for Erroneous Deposits set forth in our general Terms of Use.
Fees. While we do not charge fees in order for you to use Binance Pay, if the Sender chooses to initiate the Digital Asset transfer based on its equivalent U.S. dollar amount, the exchange rate between fiat and the digital asset may change between when the transfer is requested by you and when it is executed by us. We will, in our sole discretion, calculate the amount of Digital Asset to transfer to you based on the market value of the Digital Asset and market conditions at or around the time of the transfer.
5. Requesting Digital Assets
You may also request eligible Digital Assets be transferred to you through Binance Pay by designating the amount and type of eligible Digital Assets and your selected Sender (a âP2P Requestâ). You will be able to initiate a P2P Request to a Sender by searching for a userâs name in your contact list (if you have provided us with access to it) or by entering their email or phone number if they are not in your contact list. A Sender may approve or deny a P2P Request within his or her sole discretion. If the Sender authorizes your P2P Request, your P2P Request will become the Senderâs P2P Instructions and will be processed as described above. If the Sender fails to approve the P2P Request, then you will be notified.
6. Covenants, Indemnification, Limitation of Liability
Please refer to our general Terms of Use for provisions pertaining to Covenants and Indemnification, all of which are incorporated into these Terms.
7. Service Availability and Changes
We may, at any time and without prior notice, modify, suspend, or discontinue Binance Pay or any related functionality.
8. Updates to These Terms
We may update these Terms from time to time. Continued use of Binance Pay after such updates constitutes your acceptance of the revised Terms.