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I want to use Binance p2p escrow service almost my country is banned from using this platform, I can still use it via VPN, someone wants to send money to me and we need to use binance p2p what is your experience with this service?
Do I need ID verification? fees? How do I avoid scam?

TIP: I want to use binance p2p to make a Western Union transfer.

Yes I have been using "Binance P2P" however is really satisfied, you only need to do is :
- Register Binance
- Complete ID Verification
- Try to search your currency want to sell/buy and available payment
- Find a suitable seller/buyer by the look at his order history, more order finish would be better.

The transaction should came from the same address, In-case you want to buy something and you send money the seller this is to avoid money laundering. Since you are in a banned country and you should ID Verification first. IMO, it better to avoid it just for some case you want to get problem from Binance due broke their T&C.

I already using BinanceP2P a thousand $, all good as long not broke their T&C and always deal with someone who have so many order complete.

Yes, you need to be ID verified on Binance and some time has to be passed in order to do p2p trades.
Before doing trade, you have also to confirm and agree with the Risk Notice: To avoid becoming a victim of scammers, NEVER transfer cryptocurrency before actually receiving the payment! Don't believe anyone who claims to be a customer support and convinces you to complete the transaction before you receive the payment - they're scammers. Once the seller confirms the order and transfers the assets to the buyer, the transaction is considered completed and cannot be disputed. Binance does not take any responsibility for transactions made outside of the platform.


There is everything here that will answer all of your questions: https://www.binance.com/en/support/faq/360038038972

You will need id verification which they can check that you came from a banned country on binance list. So I don't think it will be easy for you to do that.

To avoid scam there, since you're going to receive the money, you should not release your crypto without confirming that you have received the money, just like that.

Im using this service few times a week.
Im happy with that and had no issues with it usually. Just one time i was bying crypto with credit card on Binance with plans to exchange it via P2P later and transaction finished with error, funds was hold for 10 days by my bank. What about rest? it works just perfect if you need quick change and its much better than  localbitcoins.

Binance is too risky as you are from a banned country. Maybe you can try to explain your situation and convince them to use one of the trusted escrows here instead? (list of BCT escrow agents (https://bitcointalk.org/index.php?topic=276897.0))

or look for an alternative P2P places you both agree on: Help: A list of LocalBitcoin alternatives (P2P marketplaces) (https://bitcointalk.org/index.php?topic=5224711.0)
Note: make sure you have done a background check first before trying with real money e.g. reputation, how do the escrows work, etc... (or just ask here)

If I were you, I wouldn't risk it. If your country is banned from using the platform, it most probably means going around it by way of a VPN is a violation of its terms and conditions. And also, since the use of P2P in Binance would require KYC, how could you provide all the necessary information that proves you to be someone using the services from somewhere else and not your actual country of residence?

That's a common case of CC in any cryptocurrency-related deals imo. Plus they charged you with a huge fees/charges, hope it doesnt matter to you. But if you can gain profits trading there I guess, those huge fees doesnt matter at all.

Your country banned binance exchange mean you can' register their anymore because you need to register with ID to use binance p2p and its mandatory I guess. You can use other p2p trading platforms like LBC which even supports where cryptos are completely banned but you need ID, Selfie and for higher tier you also need to provide address verification.

This is common in most exchanges when buying crypto using credit card or funds from bank to avoid fraud. Fortunately, I never use credit cards or any bank with all my crypto dealings

You should probably try other different payment methods. Binance has got lots of options.

Thank you for you advise - i finally chosen Binance P2P and made direct funds transfer and successfully received my crypto. That was first time with P2P, but now i'm using it often and get no issues with my bank.

Using a VPN isn't going to help here since Binance require identity verification to be able to use their p2p service. They will lock your account if they find out you are from a banned country.
If the other party doesn't mind, then you can use any other p2p exchange which doesn't restrict your country or even better use a truly decentralized service such as Bisq or Hodl Hodl where you don't have to worry about country restrictions.

Apart from what above said, you have to complete identity verification; since you are using VPN, I doubt you could be able to verify. After successfully KYC verification, AFAIK, I guess you have to apply for being a merchant/agent of Binance p2p; After that, if you are accepted, you can sell your coins. I can be worng. please correct me if so.

Thing is, passing KYC (somehow) does not eliminate the risk of getting locked out of your funds as all it takes is just a flagged transaction where OP will be asked for further documents or binance reviewing their accounts therefore it's not advisable to even try.

EDIT: referring to people like OP who is in binance's restricted country which is a much greater risk compared to what a regular user has

All exchanges are banning it customers sometimes even without reason. The main plus that if you are using P2P, you usually doesn't keep high amount of funds on exchange and deposit it just before you sell it or withdraw after purchase exactly. I don't like Binance banning policy. However im living not in a banned country and not using VPN to access it.
However any CEX is like a casino in Vegas - it always win  ;D

After I got verified on Binance sometime back, initially there was a requirement to apply to become a merchant in order to be able to post Buy and Sell Ads but I could still place buy and sell orders. After some time, the requirement isn't there anymore even when I did not apply to be a merchant. I can still post ads.

If things are that worse already when you haven't even done anything wrong yet, just imagine if you actually breached their Terms of Service...


Indeed but make sure to remember at some point your money is in their hands, anything could happen after you deposit, during the trade and after you initiate the withdrawal because this has to be approved by them first.

Why even use Binance P2P at the point? You are at risk of having your account frozen, you are at risk of having your coins seized, you have to complete KYC, and you have to deposit any coins on to their platform. They have completely removed all the benefits of P2P, and you have no security and no privacy.

Bisq, Hodl Hodl, and LocalCryptos all support Western Union as a payment method as OP wanted to use, all require zero KYC, and all let you keep control of your own coins before depositing to escrow prior to making the trade. There is no risk of being banned or blocked or having your coins seized. Surely using one of them is a far more sensible option?

I would never ever recommend you to use a platform without doing at least one tier of verification (if  that platform allows verification). Most of them have a very small trigger treshold,,, and you do not want to be depositing and trading and then suddenly be asked to verify (and you cannot).

Actually curious about Binance P2P sometimes but it is just another form of Localbitcoins (your coins held on custody).

No exchanges wants to lose their customers from a country because they are going to make more money if more people trade there so ban is actually imposed by the governments on particular exchanges or all exchange for some reasons or else the government wants more regulated platform so they can access all the people's information who are registered in that exchange.

I don't understand why using any exchange would make sense in his situation, the op said: "someone wants to send money to me" so, why is not sending him directly the money via WU and be done for.  If there is a trade, why would somebody goes through all this trouble of trading with exactly one person in a foreign country, a country that is banned on some exchange an has probably little to no options of payment processors.

If he needs a p2p exchange it means he needs the escrow so there is little trust, why even do it when you're straight out going through fake your identity and location and risk everything. If you don't trust the other person and he knows your location he can easily screw you in a dispute forcing you to reveal you were using the site without being allowed to.

I'm really curious how this went but seems like OP hasn't paid attention to this anymore.

Yes I am using Binance p2p there is amazing futures yes you must do verification if you want to trade p2p  yes there have western union future my suggestion you must trade with merchant person and see the how much trade completed the person you want to trade  :)

It's not a must that one should only perform trades with merchants. There are some good trading partners too who are not merchants. As long as you follow the trading instructions like not releasing your crypto unless you have confirmed that the funds were sent to your account and avoid reversible payment methods such as PayPal. You will never be scammed.

Don't recommend that you use it.

The fact that you are accessing it with VPN from a banned country is definitely not reassuring. What if you were to be scammed and Binance mediation was called into resolve the issue? Certainly not the best look for you if you had to explain all your details were incorrect at signup.

Especially with the currently hostile environment between Binance and regulators, they will probably up the KYC.

Just use on-forum escrow or LBC, I think you're much safer with them.

Sorry for late responding, I was traveling to one of the countries and the problem was with Western fees agents. The lowest fee I found on LBC/Localcryptos was 10% which is expensive.
I found someone who will do it without any fees but he only use Binance P2P.

Greed is not a good thing, I used Localcryptos and it worked successfully even though I incurred the 10% + Western fees.

LBC may not be any much different from Binance when it comes to KYC requirements. In fact I found them to be asking way to much details as compared to Binance

Secondly, LBC is also  restricted in all but 10 states in the US (https://localbitcoins.com/guides/verification-guide). If OP is not from one of the unrestricted states. Then his situation isn't any much different

If you think you can't pass the  KYC verification under Binance P2P because you are in a restricted country, just use the localcryptos as you already used it successfully. Because if you will insist using binance p2p, your funds may get into trouble and you would find yourself regretting. So in my opinion, better pay that 10% fee rather than getting into trouble. Or find someone here in the forum that is charging less fee for the conversion of your fiat. Go to your local section and ask for help. But don't forget to use escrow to safeguard your funds.

Binance p2p is very simple to use, what you need to do is that you have to warned the buyer or sender not to include any narratives like " no crypto related tag on the deal or narration". you can release to the currency to him. The reason for p2p is mostly in some countries that do not allow direct deposit from bank.