Main Takeaways
Featuring the best liquidity, robust security, and access to over 700 payment methods and 100 fiat currencies, Binance P2P is dedicated to facilitating peer-to-peer (P2P) crypto transactions.
Some merchants on our P2P platform require verified users to complete additional identity verification if it’s their first time trading with them.
This is because some P2P merchants are regulated entities and are required by law to collect identity verification information from users with whom they trade.
Peer-to-peer (P2P) trading is a popular way to buy and sell cryptocurrencies, especially for those who enjoy being able to choose from a wide range of payment methods.
With best-in-class liquidity, reliable security safeguards, and access to over 700 payment methods and 100 fiat currencies, the Binance P2P platform is one of the easiest gateways for users to trade crypto on their own terms.
While users can enjoy more freedom on traditional P2P platforms, their lack of intermediaries can sometimes result in poor P2P trading experiences. At Binance, stringent identity verification checks are used to mitigate risks and make the overall P2P trading experience more seamless and secure.
What Is Know Your Customer (KYC) or Identity Verification?
Before you can start trading on Binance P2P, you need to complete the identity verification process, also known as Know Your Customer (KYC). Identity verification assures that users are trading with their real identities. Once users have completed the KYC process, they are marked as verified. Identity verification standards are put in place to protect our P2P platform and its users against bad actors.
Verified on Binance Doesn’t Mean You’re Verified With P2P Merchants
When trading on Binance P2P, you're buying or selling crypto for fiat currencies with another user, not with us. We are the platform that facilitates the P2P crypto exchange between users and merchants. As mentioned above, users and merchants must complete the identity verification process to trade on Binance P2P. However, we keep your KYC details private from merchants and other users.
Compliance With Local Regulations
Some P2P and P2Pro merchants are regulated entities and are required by law to collect KYC information from users with whom they trade. If it’s your first time transacting with merchants who require additional identity verification checks, they'll most likely ask you to either:
a) directly send them a copy of your passport or ID in the order chat or
b) ask you to complete identity verification via a third-party KYC verification provider like SumSub.
This is a legitimate request on the P2P merchant's part as it is a legal requirement. As such, we encourage merchants to comply with local regulations and ensure they have the identity verification information they are legally required to collect. We also encourage users to accede to such requests in order to ensure all trades are above board.
However, users always have the discretion to decide if they want to complete this extra verification. If you don't want to complete it, you can cancel the trade and choose another offer.
Ready to start trading crypto? Complete the identity verification process to get started!
Alternative Transaction Options
P2P users who prefer not to share their personal documents with P2P merchants can opt to trade with other sellers and merchants who don't have such requirements. When additional identity verification is required, merchants will likely communicate this in their terms, so you can agree to them and place the order, or look for other ads. That said, always read the terms and conditions stated in ads before placing any order on Binance P2P.
Get Started On Binance P2P Today
Ready to start securely trading on Binance P2P? Sign up for a Binance account and complete the identity verification process. Once your account is verified, you can start trading crypto on our P2P platform.
To learn more about Binance P2P, check out these links:
Disclaimer: Your use of Binance P2P services and all information and other content (including that of third parties) included in or accessible from Binance P2P services is at your sole risk. Our only responsibility is to handle crypto transactions. All payments are final upon completion unless otherwise required by law. The Binance P2P platform has neither the right nor obligation to resolve any disputes arising from a completed payment. Neither the Binance P2P platform nor its merchants shall be responsible for any loss after a completed payment.
FAQs
Some merchants on our P2P platform require verified users to undergo additional identity verification if they are trading with them for the first time. This is because some P2P merchants are regulated entities and are required by law to collect identity verification information of the users they trade with.
Can I use P2P on Binance without verification? ›
No, All users are needed to verify their accounts in order to access Binance products and service offerings, including cryptocurrency purchase, trades and withdrawals.
What is P2P verification? ›
Peer-to-peer (P2P) exchange user verification is the process of confirming the identity of users on a P2P exchange platform. This is done to prevent fraud and protect users from financial losses. There are a number of different ways to verify users on a P2P exchange platform.
Why does Binance ask for verification? ›
To comply with anti-money laundering (AML) regulations: Binance is required by law to verify the identity of its users in order to comply with AML regulations. AML regulations are designed to prevent criminals from using cryptocurrency to launder money.
What are the requirements for users to be able to trade on Binance P2P? ›
As a basic requirement, you must be a verified Binance P2P merchant with experience handling P2P and cash trades. You also need a physical location (like a store or an office) with regular opening hours. Lastly, depending on the region you're based in, you may have to provide a security deposit of up to 30,000 BUSD.
Why do some P2P merchants require users to complete additional identity verification? ›
Some merchants on our P2P platform require verified users to complete additional identity verification if it's their first time trading with them. This is because some P2P merchants are regulated entities and are required by law to collect identity verification information from users with whom they trade.
How do I avoid getting scammed on Binance P2P? ›
Never be pressured to release crypto, regardless of who requests the release. Only release crypto if you confirm that the funds have arrived in your account. If you suspect the counterparty is a scammer, please report them to the Customer Support team immediately.
What is a risk of using P2P? ›
Top P2P Scams. Impersonation scams: Criminals often persuade victims to send money by pretending to be someone they're not. Thanks to artificial intelligence (AI)—with which scammers can clone real voices and faces—impostor scams are becoming even more common and more difficult to detect.
Is P2P legitimate? ›
Never send or accept P2P payments from someone you don't know. Make sure you recognize and trust the party who is accepting or sending money. It can be helpful to think of P2P platforms like cash — once the money leaves your hands, it's gone and inaccessible.
How do I become a verified P2P merchant? ›
To become a P2P merchant on Binance, you must meet the following requirements:
- Have a verified Binance account.
- Have a bank account that is linked to your Binance account.
- Have a minimum deposit of $1,000.
- Provide your last three months of bank statements.
- Provide a utility bill.
First, it's a security measure to help prevent fraud and money laundering. Second, it's necessary for tax reporting purposes. And third, it's a way for Binance to verify that users are who they say they are. All of these reasons help to make Binance a safe and secure platform for trading cryptocurrency.
What is additional verification required on Binance? ›
To enhance account security and secure your assets, Binance may require you to complete additional identity verification procedures for specific fiat services. Additional verification will be triggered when you start using the fiat service on Binance. You will be asked to resubmit your ID verification.
What happens if you don t verify Binance? ›
If a user does not complete Binance's ID verification process, they will be unable to deposit or withdraw funds from their account. Additionally, some features of the exchange, such as trading with certain assets or accessing certain trading pairs, may be restricted.
How to make $100 a day on Binance? ›
The strategy Scenario 1 If you put in $1000 on Binance and track a 10% rise on one pair, you will have made $100. Repeat this every day and you will be making $100 a day, every single day. I have been trading crypto currencies on Binance for a few months now.
Is P2P safe on Binance? ›
Binance p2p is relatively safe compared to some other exchanges. However, it is not entirely free from scammers! 5. Then when you finally placed a sell order, 🚫 don't be a victim of Proof of Payment (POP), ensure you got the correct amount in your account before releasing the coin.
What is restricted in Binance P2P? ›
If we find that a user repeatedly opens transactions without completing payment, has a history of making inappropriate appeals, or requests price changes from the seller, the account may be suspended or even permanently banned from Binance P2P.
Do you need KYC for Binance P2P? ›
Before you start trading on Binance P2P, you are required to complete Know Your Customer (KYC) verification. It ensures that users use their real data when trading. After passing verification, the user becomes confirmed. KYC standards protect the Binance P2P platform and its users from malicious actors.
Can I use Binance without address verification? ›
Proof of Address verification is required for all Binance Card (EEA countries) users to comply with regulations from the card-issuing partner. It also enhances the security of your Binance Card account.
What can an unverified Binance account do? ›
Unverified accounts will then be unable to make deposits, withdrawals, or transactions on the platform. This initiative reflects Binance's desire to protect against the risks of money laundering and funding illegal activities.
What are the requirements for P2P merchants in Binance? ›
To become a P2P merchant on Binance, you must meet the following requirements: Have a verified Binance account. Have a bank account that is linked to your Binance account. Have a minimum deposit of $1,000.
