Whether you've made profits on Binance or simply want to cash out part of your portfolio, the ultimate goal is converting crypto into real money in your bank account. The process isn't complicated, but there are plenty of details to watch for — especially the first time.
Binance doesn't currently support direct conversion to CNY with a bank transfer. You'll need an intermediate step. The entire process can be done on the Binance website or the Binance App — the app experience is smoother.
The Overall Cash-Out Path
Converting your Binance crypto to bank account funds generally involves three steps:
- Convert your holdings to USDT (skip this if you already hold USDT)
- Sell USDT via P2P to receive fiat currency
- Fiat arrives in your bank card, Alipay, or WeChat
Let's walk through each step.
Step 1: Convert Your Crypto to USDT
If you hold Bitcoin, Ethereum, or other cryptocurrencies, you need to sell them for USDT first.
Option A: Convert (simplest)
- Open the Binance App
- Tap "Trade" → "Convert"
- Select the asset to sell (e.g., BTC) at the top, USDT at the bottom
- Enter the amount you want to sell
- Confirm the quote and complete the swap
Option B: Spot trading (lower fees)
- Go to "Trade" → "Spot"
- Search for the relevant pair, e.g., BTC/USDT
- On the "Sell" side, select market order
- Enter the quantity and confirm
Convert is simpler but has a spread cost. Spot trading fees are more transparent. For small amounts, Convert is fine. For larger amounts, spot trading is recommended.
Step 2: Sell USDT via P2P
This is the critical step where you actually receive fiat currency.
The process:
- Open the Binance App, tap "Trade" → "P2P Trading"
- Switch to the "Sell" tab at the top
- Select USDT as the currency
- Choose your preferred payment method: bank transfer, Alipay, or WeChat
- Browse the merchant list and find one with a satisfactory price
Choosing a merchant:
- Price: Different merchants offer different rates at the same time. Choose the highest quote (as the seller, a higher quote means more fiat for you)
- Completion rate: Look for 95%+
- Completed orders: At least several hundred
- Online status: Choose merchants showing "Online" — otherwise you may wait a long time after placing your order
Placing and completing the trade:
- Tap on your chosen merchant to enter the trade page
- Enter the amount of USDT you want to sell; the system calculates how much fiat you'll receive
- Confirm the order
- Your USDT is now locked in Binance escrow for transaction security
- Wait for the buyer to pay — they'll transfer to your bank card/Alipay/WeChat
- After receiving the money, tap "Payment Received" in the app
- Binance releases your USDT to the buyer; trade complete
Critical reminders:
- Only confirm payment after verifying you've actually received the money. Check your bank app or Alipay balance — don't rely on SMS notifications alone (they can be faked)
- Don't rush to confirm just because the buyer pressures you — that's a common scam tactic
- If the buyer doesn't pay after a long time, you can cancel the order or file a dispute
Step 3: After the Money Arrives
Once fiat is in your bank card, the transaction is complete. A few additional notes:
Regarding taxes Tax policies on personal crypto trading in mainland China are not yet fully defined. If your gains are significant, consider consulting a tax professional about any reporting requirements.
Regarding large withdrawals If you need to cash out tens or hundreds of thousands at once:
- Spread it across multiple transactions over several days
- Use different merchants
- Keep thorough transaction records
A single large deposit may trigger the bank's large-transaction reporting. While this isn't necessarily a problem, the bank may ask you to explain the source of funds.
How Long Does It Take
Converting to USDT: Convert is near-instant. Spot market orders fill within seconds.
P2P sell:
- After placing the order, waiting for the buyer to pay typically takes a few minutes to half an hour
- Bank transfers are usually instant (same bank) or a few minutes (inter-bank)
- Alipay and WeChat are essentially instant
The entire process, when everything goes smoothly, can take as little as 10–30 minutes from start to money in your bank account.
What Are the Costs
Converting to USDT:
- Convert: Included in the spread, about 0.1%–0.3%
- Spot trading: 0.1% fee (0.075% with BNB deduction)
P2P sell:
- Binance charges no P2P platform fee
- But the merchant's price is typically below market rate — the gap is about 0.3%–0.8%
- This spread is your actual cost
Example: You have 1,000 USDT to cash out. Market rate is 7.25 CNY per USDT.
- A P2P merchant offers 7.20 CNY
- You receive 7,200 CNY
- That's 50 CNY less than market rate — the P2P "service fee"
Common Questions
Q: What's the minimum I can sell? Each merchant sets their own minimum — typically 100–500 CNY equivalent.
Q: Do I need KYC? Yes. P2P trading requires at least basic identity verification. Go to "Profile" → "Identity Verification" if you haven't done it.
Q: Is there a cooldown after selling? No. You can sell and withdraw anytime with no waiting period.
Q: Can I withdraw to Alipay instead of a bank card? Yes. P2P supports bank cards, Alipay, and WeChat as payment methods. Make sure to bind your preferred account in your settings beforehand.
Safe Withdrawal Habits
- Screenshot and save order details and chat history after every P2P trade
- Use a dedicated bank card for crypto transactions — separate from daily spending
- Don't withdraw large amounts all at once; spread out your transactions
- After cashing out, don't leave large sums sitting idle in the bank card — use or transfer them as planned