Binance P2P - A Peer to Peer Local Exchange

[Binance Coin]

Binance P2P
Peer to Peer Local Exchange

1.What is P2P trading？

• P2P (Peer to Peer) trading is also known as P2P (customer to customer) trading in some regions. In a P2P trade user directly deals with his/her counterparty, exchanging the fiat asset offline and confirming the transaction online. Once the offline fiat asset exchange is confirmed by both parties, the digital asset is released to the buyer.
• A P2P platform serves as the facilitator of the trade by providing a platform for buyers and sellers to broadcast their offers. At the same time, the escrow services of online digital asset ensure the safety and timely delivery of digital asset during trade execution
  

2. How to Buy Crypto with P2P

In order to buy crypto with P2P, you must pass KYC and add a payment method in your account settings,

• Register and complete KYC.
• Add payment method: Click on account > Fiat setting > payment method > add new payment method > activate
• Buy Crypto On App: Click on Trade > Select P2P Tab > Select Buy Tab > Select Crypto Type > (Optional: Filter the Quantity/ Payment Method/ Fiat Type) > Choose an ad to “Buy” > Fill in the “Quantity” > Select a Payment Method > Click on “Buy Crypto” > Transfer fiat offline according to the instruction in transaction details > Click on “Transferred, Next” Button > Wait for seller’s confirmation > Completed
• Buy Crypto On Web: Click on “I Want to Buy” > Select Crypto Type > (Optional: Fill in the Quantity/ Filter Payment Method/ Filter Fiat Type) > Choose an ad and Click on “Buy Crypto” > Fill in the Amount or Quantity > Click on “Buy Now” > Transfer fiat offline according to the instruction in transaction details > Click on “Transferred, Next” Button > Wait for seller’s confirmation > Completed

3. How to sell your crypto?

In order to cash out your cryptocurrency, you will first transfer your crypto from the spot wallet to the Fiat wallet.

• Transfer fund to Fiat Wallet on App: Click “Wallet” > Click “Fiat” > Choose Crypto you want to transfer from Spot wallet to Fiat wallet > Click "Transfer"
• Sell your crypto on App: Click on Trade > Select P2P Tab > Select Sell Tab > Select Crypto Type > (Optional: Filter the Quantity/ Payment Method/ Fiat Type) > Choose an ad to “Sell” > Fill in the “Quantity” > Select a Payment Method > Click on “Sell BTC/USDT/etc.” > Wait for the buyer to transfer money offline > Click on “Release Crypto” button after confirming the offline payment > Completed
• Sell your crypto on Web: Click on “I Want to Sell” > Select Crypto Type > (Optional: Fill in the Quantity/ Filter Payment Method/ Filter Fiat Type) > Choose an ad and Click on “Sell Crypto” > Fill in the Amount or Quantity > Click on “Sell Now” > Wait for the buyer to transfer money offline > Click on “Release Crypto” button after confirming the offline payment > Completed

4. Are the offers I see on P2P exchange provided by Binance?

The offers you see on the P2P offer listing page are not offered by Binance. Binance serves as a platform to facilitate the trade, but the offers are provided by users on an individual basis.

5. As a P2P trader, how am I protected?

All online trades are protected by escrow. When an ad is posted the amount of crypto for the ad is automatically reserved from the seller's fiat wallet. This means that if the seller runs away with your money and does not release your crypto, our customer support can release the crypto to you from the reserved funds.
If you're selling, never release the fund before you confirm that you have received money from the buyer.

6. Can I trade without KYC, what do I need to do before trading on P2P

You can only start P2P trading after completing KYC verification and enabling SMS authentication.






https://www.binance.com/en/support/announcement/360038038972

[1714103298]

1714103298

[1714103298]

1714103298

[1714103298]

1714103298

[Binance Coin]

Advantages of P2P Exchange

Low cost transaction fees
As P2P exchange is a simple platform, the overhead costs are negligible for buyers and sellers.
On Binance P2P, takers are charged zero trading fees, while makers are charged a small amount of transaction fees upon every completed order. We pledge to apply the lowest P2P transaction fees in all markets.

Flexible payment methods
Peer-to-peer exchanges allow sellers freedom to define how they want to be paid.
On Binance P2P, you can buy and sell crypto with over 150 payment methods, including bank transfer, cash, PayPal, M-Pesa and multiple e-wallets.

Trade at your preferred prices
Peer-to-peer exchanges bring users freedom to trade crypto at the preferred prices.
On Binance P2P, you can not just buy or sell crypto from the existing offers, but also create your trade advertisements to set your own prices.

Protection for your privacy
Unlike credit card or bank transfers, peer-to-peer exchanges do not collect information about buyers and sellers.
So you can buy Bitcoin with cash on Binance P2P and don't need to use any bank account or online wallet to make a crypto-fiat transaction.

https://p2p.binance.com/en

[LeGaulois]

Protection for your privacy
Unlike credit card or bank transfers, peer-to-peer exchanges do not collect information about buyers and sellers.
So you can buy Bitcoin with cash on Binance P2P and don't need to use any bank account or online wallet to make a crypto-fiat transaction.

https://p2p.binance.com/en

Not totally true if you ask me.
They do collect some information about users. Let's say as an example, the IPs used and the trades history. The IP alone is vital information about privacy.
They also share some information with 3rd parties to help them.

Believe me or not Binance P2P will follow the same road of Localbitcoins

[Bitcoin_Arena]

Low cost transaction fees
As P2P exchange is a simple platform, the overhead costs are negligible for buyers and sellers.
On Binance P2P, takers are charged zero trading fees, while makers are charged a small amount of transaction fees upon every completed order. We pledge to apply the lowest P2P transaction fees in all markets.

Initially, it was better when you weren't charging fees on market makers, but now you do charge fees. The rules are changing every day. Tomorrow, takers could be charged too.

Trade at your preferred prices
Peer-to-peer exchanges bring users freedom to trade crypto at the preferred prices.
On Binance P2P, you can not just buy or sell crypto from the existing offers, but also create your trade advertisements to set your own prices.

Again rules changed here, again one can not be a maker unless they meet certain conditions such as the number of trades and number of trading partners. This wasn't the case initially.

Protection for your privacy
Unlike credit card or bank transfers, peer-to-peer exchanges do not collect information about buyers and sellers.
So you can buy Bitcoin with cash on Binance P2P and don't need to use any bank account or online wallet to make a crypto-fiat transaction.

Then why are you asking users to first pass KYC before using the P2P platform if your intention was to really protect the privacy of the users?
Obviously, you have all the user data that you can willingly give to any authorities that need it.

[Binance Coin]

Then why are you asking users to first pass KYC before using the P2P platform if your intention was to really protect the privacy of the users?
Obviously, you have all the user data that you can willingly give to any authorities that need it.

This is an anti-money laundering measure. Users data are strongly protected, but don't confuse privacy with anonymity

[Darker45]

I doubt this user is an official representative of Binance or in any way connected with the exchange. If he/she is, then let it be known that Binance's P2P somehow betrays the very reason for P2P which is to avoid centralized platforms and sharing personal information. Binance's P2P is done through a centralized third party which asks as a matter of compulsory requirement to submit personal information.

Edit:

Then why are you asking users to first pass KYC before using the P2P platform if your intention was to really protect the privacy of the users?
Obviously, you have all the user data that you can willingly give to any authorities that need it.

This is an anti-money laundering measure. Users data are strongly protected, but don't confuse privacy with anonymity

Yes, in the name of AML as expected.

Users' data are strongly protected until a leak happens. If something happens once, it is bound to happen again. There was also the same promise and assurance before which ended up with at least 60,000 users' personal information compromised.


https://www.coindesk.com/markets/2019/08/07/binance-customer-data-has-leaked-what-we-know-and-what-we-dont/

[Binance Coin]

Binance's P2P somehow betrays the very reason for P2P which is to avoid centralized platforms and sharing personal information. Binance's P2P is done through a centralized third party which asks as a matter of compulsory requirement to submit personal information.

Binance P2P is considered part of the “Binance Services” as defined in the Binance Terms of Use (“Binance Terms”) set forth here. The Binance Terms are incorporated by reference into these P2P Terms, and also govern your use and access of the Binance P2P.
Binance P2P is powered by Pexpay.com. Pexpay is a leading peer-to-peer platform to facilitate the purchase and sale of Digital Assets through more than 100 payment methods in exchange for other Digital Assets. Payment methods are negotiated and exchanged on a peer-to-peer basis between the buyers and sellers. Pexpay provides all necessary technology services and transaction support for Binance and Binance users in relation to Binance P2P transactions.
We, in partnership with Pexpay, provide you a channel to directly trade digital assets with your counterparties. We provide you a platform for buyers and sellers to broadcast their offers. Pexpay serves you as the facilitator of the transaction. Once the offline fiat assets exchange are confirmed by both parties, we will release your digital assets to the buyer.
https://www.binance.com/en/support/faq/f886bd1d1d72449faf7dde4220eadbe0

Users' data are strongly protected until a leak happens. If something happens once, it is bound to happen again. There was also the same promise and assurance before which ended up with at least 60,000 users' personal information compromised.

We are very sorry that this happened. Since then, significant measures have been taken, the verification system has been improved and the possibility of data leakage is currently zero.

[Darker45]

Binance's P2P somehow betrays the very reason for P2P which is to avoid centralized platforms and sharing personal information. Binance's P2P is done through a centralized third party which asks as a matter of compulsory requirement to submit personal information.

Binance P2P is considered part of the “Binance Services” as defined in the Binance Terms of Use (“Binance Terms”) set forth here. The Binance Terms are incorporated by reference into these P2P Terms, and also govern your use and access of the Binance P2P.
Binance P2P is powered by Pexpay.com. Pexpay is a leading peer-to-peer platform to facilitate the purchase and sale of Digital Assets through more than 100 payment methods in exchange for other Digital Assets. Payment methods are negotiated and exchanged on a peer-to-peer basis between the buyers and sellers. Pexpay provides all necessary technology services and transaction support for Binance and Binance users in relation to Binance P2P transactions.
We, in partnership with Pexpay, provide you a channel to directly trade digital assets with your counterparties. We provide you a platform for buyers and sellers to broadcast their offers. Pexpay serves you as the facilitator of the transaction. Once the offline fiat assets exchange are confirmed by both parties, we will release your digital assets to the buyer.
https://www.binance.com/en/support/faq/f886bd1d1d72449faf7dde4220eadbe0

So now there is not only Binance in the middle of Person 1 and Person 2's transaction; there is also Pexpay. Binance takes personal information from users who wish to use its platform and trade peer to peer and then there's also Pexpay that will facilitate transactions.

Users' data are strongly protected until a leak happens. If something happens once, it is bound to happen again. There was also the same promise and assurance before which ended up with at least 60,000 users' personal information compromised.

We are very sorry that this happened. Since then, significant measures have been taken, the verification system has been improved and the possibility of data leakage is currently zero.

That's good to hear. However, zero is a big word. If it's possible to leak a top secret file kept by the most secure agencies in the world, then I'd rather not exaggerate and use the terms minimal or very little instead of zero.

[o_e_l_e_o]

we will release your digital assets to the buyer.

If you have to release the cryptocurrency, then at any point you like, you can choose not to release it. That is the very definition of a centralized exchange. It's hardly peer to peer when there is a centralized third party sticking their noses in to your personal information and taking custody of your funds.

the possibility of data leakage is currently zero.

There is no such thing a "zero chance" of any system being hacked or data being stolen, least of all a system which has already been hacked in the past. To say there is zero chance either means you do not understand security or you are purposefully lying to your users. Either way, no one should trust Binance with their data or their coins.

[Binance Coin]

#Binance P2P Will Delist 5 $DAI Trading Pairs
https://twitter.com/binance/status/1435891507320528896

[Binance Coin]

How an African Crypto Trader Found a New Home on Binance P2P

https://www.cryptoglobe.com/latest/2021/10/how-an-african-crypto-trader-found-a-new-home-on-binance-p2p/

[JeromeTash]

How an African Crypto Trader Found a New Home on Binance P2P

https://www.cryptoglobe.com/latest/2021/10/how-an-african-crypto-trader-found-a-new-home-on-binance-p2p/

Are you the PR of Binance exchange in this forum?
What do you have to say about this? (Some people are still able to trade p2p on Binance using new unverified accounts)

Why are you selectively enforcing KYC on p2p traders?

If in doubt and you need more proof about the recently registered unverified scam accounts I have encountered on your p2p platform, I will send it right away.

[Binance Coin]

What do you have to say about this? (Some people are still able to trade p2p on Binance using new unverified accounts)

Why are you selectively enforcing KYC on p2p traders?

Here is an example. The account is labeled as regular user and the KYC tick is grayed out, meaning it's not verified.

We may change or amend the Binance P2P or these P2P Terms at any time at our sole and absolute discretion. Any changes to these P2P Terms will be in effect as of the “LAST REVISED” date referred to at the top of this page. You acknowledge and agree that the form and nature of the Binance P2P, and any part of it, may change from time to time without prior notice to you, and that we may add new or remove existing features and change any part of the Binance P2P
https://www.binance.com/en/support/faq/f886bd1d1d72449faf7dde4220eadbe0

How is this possible?

In the event of a conflict between these terms of these P2P Terms and the Binance Terms, the P2P Terms will supersede and control.
https://www.binance.com/en/support/faq/f886bd1d1d72449faf7dde4220eadbe0

[JeromeTash]

We may change or amend the Binance P2P or these P2P Terms at any time at our sole and absolute discretion. Any changes to these P2P Terms will be in effect as of the “LAST REVISED” date referred to at the top of this page. You acknowledge and agree that the form and nature of the Binance P2P, and any part of it, may change from time to time without prior notice to you, and that we may add new or remove existing features and change any part of the Binance P2P
https://www.binance.com/en/support/faq/f886bd1d1d72449faf7dde4220eadbe0

How is this possible?

In the event of a conflict between these terms of these P2P Terms and the Binance Terms, the P2P Terms will supersede and control.
https://www.binance.com/en/support/faq/f886bd1d1d72449faf7dde4220eadbe0

You are just quoting the terms and conditions here but not answering the real issue at hand as to why some brand-new accounts of p2p traders are able to use the platform even when the first requirement for one to be able to use It is KYC verification.

Why is KYC being selectively enforced?

[Binance Coin]

I found this out recently while trading p2p on Binance. Some accounts were barely 20 days old, Non verified and were able to make buy orders. What is surprising is that at the time I wanted to use their P2P last year, one of the prerequisites was to have the account first undergo KYC verification

Only binance employees able to create such accounts.

But that's not the case. In fact, most of such accounts are owned by scammers

In this regard, an internal proceedings is in progress. A new revision of P2P terms is also being developed

We remind you that the Binance is currently undergoing reorganization due to regulatory requirements. Please report of all technical inconsistencies, this is very important to us

[JeromeTash]

Only binance employees able to create such accounts.

And what the hell are Binance employee unverified accounts doing in p2p trying to scam people?

But that's not the case. In fact, most of such accounts are owned by scammers

In this regard, an internal proceedings is in progress. A new revision of P2P terms is also being developed

We remind you that the Binance is currently undergoing reorganization due to regulatory requirements. Please report of all technical inconsistencies, this is very important to us

I did report and got frustrated there by the support, hence the thread in this forum.

My account is over 1000 days old but was required to first go through KYC before trading on p2p. But some accounts created as recent as after Binance tightened the KYC requirements can even manage to trade on p2p without a single verification.

If you think I am making this up,  I will be more than willing to provide you the details of some account I have encountered.

[Binance Coin]

But some accounts created as recent as after Binance tightened the KYC requirements can even manage to trade on p2p without a single verification.

We are sorry about it. After updating the terms, the rules will be the same for everyone

How this member doing P2P trade without KYC!

Many complaints have been received on this matter. The issue is being resolved

The decisions were rushed though it could be plausible that they simply overlooked this aspect of their business since it's not part of their core exchange.

We try to resolve all issues based on the workload of requests.

But this is actually not the first time Binance says one thing and allows another.

Revision of Binance goals is conditioned by regulatory pressure

[Binance Coin]

Binance P2P Introduces Automated Payment Methods for Crypto Trades

Binance P2P, a peer-to-peer trading platform, has introduced five new automated payment methods, for cryptocurrency buyers and sellers across 15 fiat markets. With these automated payment options, users can instantly receive their purchased assets, streamlining the trading process.

Automated Methods Streamline Cryptocurrency Trading

These automated methods eliminate the need for sellers to manually verify payments before releasing assets, as the system checks for complete payments from buyers. This automated approach operates 24/7; ensuring assets are promptly released upon confirmation of full payment, which minimizes delays and enhances overall trading efficiency.

Only selected merchants on Binance P2P, which is identifiable by a pink lightning badge, are authorized to support these automated payment methods. According to Binance, Binance P2P aims to make peer-to-peer transactions smoother more efficient and secure for both buyers and sellers, demonstrating the platform's commitment to improving the trading experience.

Euro Deposit and Withdrawal Suspension Sparked Concern
In August 2023, Binance faced a temporary setback related to its European operations. Finance Magnates reported that the exchange encountered payment issues in Europe, resulting in the suspension of euro deposits and withdrawals. However, Binance's spokesperson affirmed that its services were operating normally.

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The suspension was specifically related to Single Euro Payments Area (SEPA) transfers, a standard for swift and secure card-based transactions within the European Union (EU). Binance Customer Support's official Twitter account initially announced the suspension and cited challenges with its payment provider, raising concerns about the exchange's regulatory standing in Europe.

The tweet, which suggested uncertainty regarding the reinstatement of SEPA transfers, was later removed from Binance's official profile. Users expressed frustration over difficulties accessing their funds, following Paysafe Payment Solutions' decision to end its collaboration with Binance for euro payments, effective from September 25.

However, Binance later clarified that SEPA deposits and withdrawals would continue uninterrupted until the mentioned date. The exchange attributed potential account closures to routine compliance
Compliance
In finance, banking, investing, and insurance c...Read this Term
 checks. While this incident has caused temporary disruption, Binance aimed to resolve the issue swiftly, ensuring the continuity of its services.

https://www.financemagnates.com/cryptocurrency/binance-p2p-introduces-automated-payment-methods-for-crypto-trades/