Binary CDMA(B-CDMA) is a new modulation scheme that employs a constant envelope modulation scheme By quantizing the envelope of multi-codes CDMA signal into a small number of levels, the B-CDMA can reduce the peak-to-average power ratio, while preserving the advantages of CDMA signaling such as the soft capacity and robustness to interference. In this paper, we analyze the performance of B-CDMA systems in multi-path channel assuming that the spreading factor is not too small. Finally, the analytic results are verified by computer simulation.