Though some government agencies are incorrectly associating all crypto transactions with trading and mining to impose high taxes, the fact is that increasingly online businesses are paying their vendors in crypto. These online businesses have their PayPal account closed, and online workers working for these businesses find that crypto is the only way they can get paid.
The online workers require the money for their daily expenses and the Binance send cash function is a very convenient way to transfer the crypto in their Binance account to their local bank account.
The seller should first transfer the money for send cash to their funding account using the transfer option
They also specify their bank account for receiving the payment.
Using the send cash they can specify the amount which they wish to send to their bank account. The send cash feature is only available for some cryptocurrencies, usually the more popular cryptocurrencies, like Bitcoin, USDT, BNB and not available for Litecoin (though the list changes)
After the crypto seller has listed the amount for sale, the crypto buyers will purchase the crypto and make the payment to the bank account.
In some cases, the crypto seller does not receive any acknowledgement that the payment is completed, only if a dispute is raised the seller gets a link to acknowledge the payment and the transaction is completed.
Most of Binance send cash documentation is for smartphone users, so desktop/laptop users have to check the P2P transaction list to check if the transaction is completed or if any action is required.
The fees for the send cash feature are $0.5USDT for transfers of less than $100 and $1 for transfers of more than $100.
While there is very less work online with paypal payment for Asian online workers, there is plenty of crypto online work for online workers worldwide. Hence citizens, especially older citizens who find it difficult to get paid work offline, can use the send cash function to make some money to pay their daily expenses.
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