Main conclusions

  • With leading liquidity, high security, over 700 payment methods and 100 fiat currencies, Binance P2P enables simple peer-to-peer (P2P) cryptocurrency transactions.

  • 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.

Peer-to-peer (P2P) trading is a popular way to buy and sell cryptocurrencies, especially for those who like the ability to choose from a wide range of payment options.

With leading liquidity, high security, and access to over 700 payment methods and 100 fiat currencies, Binance P2P is one of the most convenient platforms for peer-to-peer cryptocurrency trading on terms that suit them.

Although traditional P2P platforms allow more freedom, the lack of intermediaries can sometimes lead to bad consequences. Binance uses strict identity verification to reduce these risks and increase the security of peer-to-peer trading.

What is identity verification, or Know Your Customer (KYC)

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.

Verification on Binance does not mean you are verified for P2P merchants

When trading on Binance P2P, you are transacting to buy or sell fiat cryptocurrencies with other users, not with us. We simply provide a platform that facilitates P2P transactions between users and merchants. As mentioned above, in order to trade on Binance P2P, users and merchants must go through an identity verification process. However, we keep your KYC information secret from merchants and other users.

Some P2P and P2Pro merchants are regulated entities and are required by law to collect KYC data from users they trade with. If this is your first time transacting with merchants that require additional verification, they will most likely ask you to:

a) or provide them with a copy of your passport or ID card directly in the order chat,

b) or undergo identity verification through a third-party KYC platform such as SumSub.

This is a legitimate request from the P2P merchant as it is a legal requirement. As such, we encourage merchants to comply with local laws and request the identification information they are legally required to collect. We also encourage users to comply with such requests to ensure that all transactions proceed smoothly.

However, users always have the discretion to decide whether they wish to undergo this additional verification. If you do not want to provide additional information, you can cancel the deal and choose another offer.

Ready to trade cryptocurrency? Complete identity verification and get started!

Alternative deal options

P2P users who prefer not to share their personal documents with P2P merchants can trade with other sellers and merchants who do not have such requirements. If additional identity verification is required, merchants will likely disclose this in the ad terms and conditions. You can either accept their offer and place an order, or look for other options. Always read the terms and conditions stated in the advertisements before placing any order on Binance P2P.

Start trading on Binance P2P today

Ready to trade cryptocurrencies safely on Binance P2P? Register on Binance and complete identity verification. Once your account is verified, you can start trading on our P2P platform.

To learn more about the Binance P2P platform, read the following articles:

  • (Blog) How to become a P2P merchant on Binance

  • (Blog) 5 Types of Users on Binance P2P

  • (Support) How to Buy Cryptocurrency on P2P Platform on Binance App

  • (Support) How to Sell Cryptocurrency on P2P Platform on Binance App

Denial of responsibility. Your use of the Binance P2P Services and all information and other content (including third parties) included on or available on the Binance P2P Platform is at your own risk. Our responsibility is limited to processing cryptocurrency transactions. All payments are final upon completion unless otherwise required by law. Binance P2P Platform has neither the right nor the obligation to resolve any disputes arising in connection with a completed payment. Neither the Binance P2P platform nor the merchants are responsible for any losses incurred as a result of the payment made.