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Bitcoin Forum > Economy > Marketplace > Service Discussion > Exchanges > Some people are still able to trade p2p on Binance using new unverified accounts
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Author Topic: Some people are still able to trade p2p on Binance using new unverified accounts  (Read 141 times)
JeromeTash (OP)
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September 24, 2021, 09:47:18 PM
Last edit: May 14, 2023, 04:00:00 PM by JeromeTash
Merited by Potato Chips (1), hugeblack (1)
 #1
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

Quote
Before you can make your first transaction on Binance P2P, you must register on Binance and complete your Identity Verification process. Our P2P merchants undergo a screening process where we also verify their identity and business. By verifying all Binance P2P users, we are able to provide a layer of security for your transactions.

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

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




How is this possible?

Is Binance selectively enforcing KYC verification on some users just to play cat and mouse game with regulators?
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BitMaxz
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September 24, 2021, 11:24:10 PM
Last edit: September 24, 2021, 11:39:59 PM by BitMaxz
Merited by hugeblack (1)
 #2
Same here actually I can't use their p2p before without a KYC process I tried to search and look for the announcement but I don't see any announcement that you can able to trade or sell on p2p without an intermediate account.

So it's impossible that there is someone who can sell or buy on P2P without KYC process even merchant account they won't be able to trade.

Why not try to report it on Binance and also ask them why there are some non-KYC users on their p2p service?


It seems it's allowed if you are a P2P merchant base on what I read from their blog post below and it seems that you found that guy unverified under ads? you can disable the ads under settings to make our trade safe.

Quote
Our “filter ads” function lets you hide all non-Merchant vendors, ensuring you’ll trade only with verified Merchants.
Source: https://www.binance.com/en-IN/blog/421499824684902292/p2p/how-binance-p2p-creates-a-safe-trading-environment-with-the-lowest-trading-fees-on-the-market
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TryNinja
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September 24, 2021, 11:26:51 PM
Last edit: May 14, 2023, 02:32:25 AM by TryNinja
 #3
That's what their website says:


Source: https://www.binance.com/en/support/announcement/3c7b87a346e34063b40c60e5fd5558b2

So, it seems that you don't actually need to complete the traditional KYC to be a merchant, you just need to be "verified by the Binance P2P team" (whatever that means). The normal users do need to be KYC'ed.
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JeromeTash (OP)
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September 30, 2021, 08:43:46 PM
Last edit: May 14, 2023, 03:59:41 PM by JeromeTash
 #4
Quote from: BitMaxz on September 24, 2021, 11:24:10 PM
It seems it's allowed if you are a P2P merchant base on what I read from their blog post below and it seems that you found that guy unverified under ads? you can disable the ads under settings to make our trade safe.

The accounts making trade orders were actually market takers and not market makers. So obviously they were not merchants.

Quote from: TryNinja on September 24, 2021, 11:26:51 PM
That's what their website says:

https://talkimg.com/images/2023/05/14/blob85907d3508780e52.png
Source: https://www.binance.com/en/support/announcement/3c7b87a346e34063b40c60e5fd5558b2

So, it seems that you don't actually need to complete the traditional KYC to be a merchant, you just need to be "verified by the Binance P2P team" (whatever that means). The normal users do need to be KYC'ed.
Traditional KYC is not of the prerequisites. It's actually stricter for merchants because they need additional information.



https://p2p.binance.com/en/merchantApplication
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October 01, 2021, 01:41:01 AM
 #5
This is interesting and I'm curious to know what will Binance have to say about this. Did you reach out to Binance and raise this particular concern of yours?

For a long time, I wanted to use Binance's P2P. It has nice volume. The only thing that stops me from getting into it is their KYC requirement. And now I'm surprised to know there are actually P2P traders who are unverified.

But this is actually not the first time Binance says one thing and allows another.
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October 04, 2021, 02:21:46 PM
 #6
Quote from: JeromeTash on September 24, 2021, 09:47:18 PM
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
Did you report it to Binance? It would be nice if you report it to the Binance.
I am a regular user of Binance p2p, not yet found this kind of user. Also, every time whenever I make a trade, I check all of the details of the seller/buyer to prevent the scam. I don't know, How this member doing P2P trade without KYC!
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October 06, 2021, 02:20:28 PM
 #7
Reporting it to Binance team, I read some complaints from non-kyc users that they cant make internal conversions with other verified Binance accounts without verifying identity and thus impossible to continue using that service without an intermediate account.

Frankly, my account is still without verifying identity and I can use all services, but I have not experimented with the deposit of any amount since I pulled all my money serval weeks ago, but all these accounts will be suspended to withdrawal only by 19/10.
JeromeTash (OP)
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October 06, 2021, 08:22:33 PM
 #8
Quote from: Rrita on October 04, 2021, 02:21:46 PM
Did you report it to Binance? It would be nice if you report it to the Binance.
I did, but you know changes are not going to be made from just 1 complaint.

Quote from: Rrita on October 04, 2021, 02:21:46 PM
How this member doing P2P trade without KYC!
That's what am also wondering about. Everyone is supposed to be verified before using p2p according to their terms of service\


Quote from: hugeblack on October 06, 2021, 02:20:28 PM
Reporting it to Binance team, I read some complaints from non-kyc users that they cant make internal conversions with other verified Binance accounts without verifying identity and thus impossible to continue using that service without an intermediate account.

Frankly, my account is still without verifying identity and I can use all services, but I have not experimented with the deposit of any amount since I pulled all my money serval weeks ago, but all these accounts will be suspended to withdrawal only by 19/10.
At least your account is one of those old ones, but this particular accounts are brand-new, some are 7 days old, meaning they were created after Binance announced that new users would first have to be verified before using all the services.
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October 09, 2021, 05:29:15 AM
 #9
Makes absolutely zero sense and probably going to be shut down sooner or later.

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.

If you're uncomfortable with KYC just pull out of Binance... It's not worth the risk and the stress to have to deal with constantly changing advice.
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