Selling cryptocurrency for CNY on Binance is primarily done through P2P trading. If you don't have an account yet, first register on Binance and complete KYC verification.
Method 1: P2P Selling
P2P is the most common way to cash out cryptocurrency:
- Convert the crypto you want to sell to USDT first (if it isn't already)
- Transfer USDT from your trading account to your Funding account
- Go to the P2P trading page and select "Sell"
- Choose a buyer, confirm the price and payment method
- Place the order and wait for the buyer to pay
- After confirming receipt of payment, tap "Release Crypto"
Method 2: Sell via Convert
If you're not holding USDT, use Binance Convert to swap your holdings to USDT first, then sell through P2P. Convert is simple and fee-free.
P2P Selling Tips
- Choose buyers with good reputation and high transaction volumes
- Only release crypto after confirming actual payment has arrived
- Don't trust buyer-provided transfer screenshots -- verify with your actual bank balance
- Keep all transactions within the Binance platform; don't trade privately
Payment Methods
P2P supports multiple payment methods, including bank transfers, Alipay, and WeChat Pay. Bank transfers are recommended for the clearest payment confirmation.
Tax Considerations
Cryptocurrency trading gains may have tax implications in some jurisdictions. It's recommended to understand your local regulations. Binance provides transaction history export features to facilitate tax reporting.
Download the Binance APP to quickly complete selling operations anytime, anywhere.