It's not a payment method directly integrated with Binance; they only lock the crypto in escrow. If it's still allowed on the platform, it means not everyone in the US is subject to the ban and can legally use it.
Binance doesn't have P2P for the US market and Zelle at all, though the P2P has payment methods that only US citizens can have access to.
It did asked on me and I think it was probably the reason if I do want to use Zelle as another mode of payment, as for Cash App it doesn't require me to do so.
I think the reason is that the merchant you opened a trade with is asking for extra KYC. I mean the merchant himself, not Binance, but the process itself is happening within Binance. Can you share what the message was?
The same way you can see the US dollar as part of the fiat payment form in p2p even when US residents are banned. It does not mean that only USD residents can send and receive the USD
When you look at the ads accepting payments through Zelle, you will notice that they are most likely from Latin America or something like that
USD itself is a global currency; for example, Wise, Revolut, etc. Non US residents can access it. However, Zelle and Cash App are available only to US residents.
It's not new to binance, every possible payment options can be seen there, and its the same on any p2p platform. That warning/note about the same name is not always followed, their reasons, they already reach the limit and since you receive the payment, its someone reasonable to complete the transaction.
If these merchants strictly require the names to match, doesn't that confirm they are using US bank accounts linked to US identities? If so, isn't Binance Global facilitating a backdoor for US regulated funds to move on a platform that is legally banned from operating in the US? Why is this allowed here while Binance.US is prohibited from offering P2P services?
Judging from the other comments, this seems quite common among merchants. My experience is quite limited, but I do notice some methods available to pick from the chart, even though I can't use them in some merchants. Never see them on CEX, though, so that's that. I guess the issue is not big enough to the point where there are not enough complaints to trigger any changes. If some people lose money from this, I bet they'll change it asap.
It’s not just about the volume of complaints; it’s a question of legal consistency. If a user must have a US identity to use Zelle/Cash App, but must be a non US resident to use Binance Global, isn't this setup designed to bypass US financial regulations? If this were legally sound, wouldn't we see P2P services on Binance.US as well?
