What is binance smart chain?

krishnaverma said:

Does the person receiving the funds also needs binance account ?

Click to expand...

Yes he/she needs to have binance account to use bsc network.

You can send or receive funds with your e-mail adress or phone number among binance users and this transaction takes no commission.

krishnaverma said:

Does the person receiving the funds also needs binance account ?

Click to expand...

While you can send funds between Binance account holders, using the BSC does not require you to have a Binance account. I noticed someone gave you a wrong answer on that. Anyone with a Metamask wallet or Trust wallet (and several other wallets) that have the BSC network added, can receive funds on the BSC chain and if you are sending its native BNB token, can send/receive it for free.