can i do p2p on binance without verification

To engage in P2P trading on regulated platforms, such as Binance, KYC verification is a mandatory requirement due to regulatory compliance and prevention of illicit activities like money laundering and terrorism financing.

Oct 26, 2024 at 04:44 pm

Can I Do P2P on Binance Without Verification?

Peer-to-peer (P2P) trading on Binance allows users to exchange cryptocurrencies directly with each other, without the involvement of a central exchange. This provides greater flexibility and autonomy in the trading process. However, KYC (Know Your Customer) verification is typically required for P2P trading on regulated exchanges like Binance.

Verification Requirements for P2P Trading on Binance

Currently, Binance requires KYC verification for all users who wish to engage in P2P trading. This verification process involves submitting personal information, such as:

Government-issued photo ID (e.g., passport, identity card)
Proof of address (e.g., utility bill, bank statement)
Facial verification (selfie)

Reasons for Verification

Binance implements KYC verification for P2P trading to comply with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. This helps prevent illicit activities, such as money laundering, fraud, and terrorist financing.

Consequences of Trading Without Verification

Users who attempt to engage in P2P trading on Binance without completing KYC verification may face the following consequences:

Limited trading functionality: Trading limits may be imposed on unverified users.
Account suspension: Binance may suspend the accounts of users who fail to complete KYC verification.
Legal risks: Failure to comply with KYC requirements could result in legal liability.

Alternatives to Binance P2P Without Verification

If KYC verification is a concern, there are alternative platforms that offer P2P trading without mandatory verification, such as:

LocalBitcoins
Paxful
OKX

Caution:

It is important to exercise caution when using platforms that do not require verification. These platforms may have lower levels of security and could be more susceptible to fraud and illicit activities.

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