Binance P2P (Peer-to-Peer) in Venezuela is a widely used platform for the buying and selling of cryptocurrencies directly between users, facilitating transactions in bolívares (VES) through bank transfers. Essentially, it operates as a marketplace where buyers and sellers connect, and Binance acts as a guarantor to ensure both parties fulfill the transaction.
How does it work?
User meeting: Binance P2P allows users to post advertisements for buying or selling cryptocurrencies (such as USDT, BTC, ETH, etc.) at prices they set themselves. Interested users can search for offers and select the ones that best fit their needs.
Payment methods: The platform supports a variety of local payment methods, with bank transfers to Venezuelan banks (such as Banesco, Banplus, Provincial, Bancamiga, among others) being the most common. It is important to note that, as of August 2023, Banco de Venezuela was removed as a payment method on Binance's P2P platform, which raised concerns among some users.
Cryptocurrency custody: When a P2P order is generated, the seller's cryptocurrencies are held in custody by Binance. Once the buyer makes the payment in bolívares to the seller's bank account and notifies it on the platform, the seller verifies the receipt of the money and releases the cryptocurrencies to the buyer. This ensures the security of the transaction.
Advantages for users in Venezuela:
Flexibility: It allows users to buy and sell cryptocurrencies at prices they prefer and with a wide variety of payment methods.
Accessibility: It is a simple way to access the cryptocurrency market for those who do not have access to other means or prefer direct trading.
Low fees: Generally, Binance P2P has very low fees, especially for buyers, making it attractive for conducting transactions.
Remittance transfers: It has become an important tool for sending and receiving remittances to and from Venezuela.
Considerations and possible challenges:
The exclusion of certain banks, which may affect liquidity and options for some users.
Price volatility: As in any cryptocurrency market, prices can be volatile and it is important to stay aware of fluctuations.
Security and scams: Although Binance acts as a guarantor, it is crucial for users to follow the platform's security guidelines, verify the information of buyers and sellers, and avoid conducting transactions outside the platform to prevent scams.
In summary, Binance P2P is a fundamental tool for many Venezuelans looking to operate with cryptocurrencies, offering a direct, flexible method and generally low fees, although users should stay alert to updates in payment methods and always prioritize security in their transactions.