Last updated on September 11th, 2020 at 10:37 pm
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Binance.com introduces Binance Access, a B2B (Business-to-Business) solution for merchants around the globe.
Binance announced the launch of Binance Access a business-to-business (B2B) solution for merchants, vendors, and wallets allowing them to offer native fiat-to-crypto exchange features on their platforms.
How it works
Binance Access is a standard API available on Binance.com. It is available to clients and partners as part of Binance’s Open Platform initiative.
Binance users who are familiar with a merchant’s platform service can easily link their accounts to the merchant’s platform.
This feature will automatically allow non-Binance users to sign-up a Binance account after logging in to the merchant’s site. Users can buy crypto directly in-line via the merchant’s platform using their available fiat balance.
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Anyone using Binance Access must have done KYC (Know Your Customer) verification either on the merchant platform or on binance.com. The crypto purchased by the user goes directly into the user’s Binance account to ensure the highest level of security.
This means that, once a user has passed KYC (Know Your Customer) verification on the merchant platform, no additional verification process is required to access the service.
Who Can Use Binance Access
Recall that Binance launched similar services – Binance Cloud and Binance Widget.
Binance Cloud is for businesses to launch digital asset exchanges. Binance Widget is for websites, platforms, and browsers to redirect users to Binance for completing the transactions.
Binance Access now allows businesses to create native fiat-to-crypto exchange feature on their platform.
The Reason for Binance Access
Binance Access will help businesses to increase volume and enhance liquidity on their platform, providing users with a wider options.
This feature is for merchant, vendor, or wallet service provider with the legal capabilities of processing fiat transactions, and is looking to offer crypto services.