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Peer-to-peer (P2P) cryptocurrency trading platforms like Binance P2P allow users to buy and sell crypto directly with each other. Although the process is convenient and flexible, you may encounter situations where certain traders request additional identity verification even after you have completed KYC on the platform. So, why can this happen?
📯📯📯 In this article, we will explain what Know Your Customer (KYC) is, why it is important, and the reasons some P2P or P2Pro traders require additional steps before completing your crypto transaction.
💥💥What is KYC (Know Your Customer) or Identity Verification?
💥💥💥 KYC (Know Your Customer) is a regulatory process that requires individuals to verify their identity before conducting financial transactions. On platforms like Binance P2P, KYC ensures that all users trade using their real identities, which helps prevent fraud, money laundering, and other illegal activities.
📯📯📯 Once you complete the KYC process on Binance, your account will be marked as "verified," allowing you to access P2P services and start trading crypto with fiat currency.
Verified on Binance ≠ Verified by All P2P Traders
🖕🖕🖕 It is important to note that the status of "verified" on Binance does not automatically mean you are also verified by all P2P traders. Binance only acts as an intermediary platform, while trades are conducted directly between you and the trader.
To protect user privacy, Binance does not share your KYC data with traders or other users. Therefore, some traders may request additional identity verification as a condition of trading, especially if they are entities regulated by law.
Why Do P2P Traders Require Additional Verification?
There are several reasons why certain traders request additional KYC verification, including:
💥💥1. Compliance with Local Regulations
Many traders operate under local financial laws that require them to collect customer data independently. These traders may request:
A copy of your passport or ID
Latest bank statement
Face scan through a third-party provider such as SumSub
💥💥2. Security of High-Value Transactions
High-value trades typically carry greater risks. To mitigate these risks, traders may request additional verification to ensure the identity and good intentions of their trading partners.
💥💥3. Fraud Prevention
Some fraud schemes involve fake or anonymous identities. By verifying user identities, traders can reduce the risk of fraud and create a safer trading environment.
Common Types of Additional Verification on Binance P2P
If you are trading with P2P or P2Pro traders who require additional verification, you may be asked to:
Identity Photo: Upload a valid ID card or passport.
Bank Statement: Submit a copy of your latest bank statement.
Face Scan: Perform a one-time face scan using your device's camera.
Proof of Payment: Upload proof of transfer or a screenshot of your transaction.
Additional KYC Verification: Fill out a form or undergo verification from a third-party provider.
This request will usually appear in the order chat or will be requested before completing the trade.
You Still Have Choices
However, it is important to know that users always have the freedom to decide whether to complete this additional verification or not. If you do not want to continue with the verification process, you can cancel the trade and choose another offer from a trader who does not require additional verification.
Conclusion
Undergoing additional identity verification when trading with certain P2P traders is not uncommon—this is a security and legal compliance step. It helps create a safe and trustworthy trading environment for all users.
If you want to trade seriously on Binance P2P, be prepared to undergo this verification process, especially when transacting with regulated traders or in large amounts. However, you still have the option to cancel the trade and choose another offer if you feel uncomfortable with the additional verification.
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Disclaimer: The purpose of the provided content, whether in the form of data or information, is to provide information and references, not to provide advice or recommendations regarding investments or trades. This article does not discuss invitations, suggestions, offers, or endorsements to buy and sell crypto assets.
All financial markets, including cryptocurrency markets, involve risks and can result in loss of funds. Conduct thorough research before investing. Once you are aware of all the benefits and risks, it is the investor's responsibility to make the final decision regarding investments or trades.✈️✈️✈️✈️