Cryptocurrency

Crypto-exchange Binance is now offering free internal transactions

Binance has just announced a way to easily move money between the accounts on the exchange. According to the announcement of free Transfers are now possible.
Users can make crypto-currencies a Binance account to another pay off – without having to Block-wait confirmations. There are no transfer fees, the money transfer between accounts are instant.

Binance developed continuously

Withdrawals to another account via the tab “payment”, such as, for example, the payout of any other crypto-currency on the stock exchange. The new function can be activated via the API, and disabled.
The function is similar to the services of many banks. There is also usually free to transfer between accounts of the same Bank. Binance wants to ensure the same comfort.

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To note, however, that the Transfers only work within the same Binance-industry. It can be due to an internal Transfer, not a funds from Binance Jersey to Binance U. S. transferred. This requires an ordinary, fee-based payout.
The new feature could also have the unintended effect of reducing the selling pressure, as many would like to sell for BTC/ETH, before you withdraw the funds. In the case of internal Transfers, no need to sell these Coins on the market.

Risk by a Hacker?

Some point now, however, that the internal transfer function can be used by hackers. Kryptos like Bitcoin, you can now no longer pay off – you can just write to make internal Transfers to other accounts, such as Twitter User @inversebrah-meant to be partially serious.

Binance used already strict controls on withdrawals. Previously the funds were frozen, with dubious addresses are connected.
The stock market is known for its cooperation with other Exchanges that have suffered from Hacks. So Binance freezes about every from the Upbit-Hack deposited funds.
So it is unlikely that a Hacker can perform an internal Transfer of stolen funds without at Binance the alarm tackle bells.

About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.