Does Binance.com allow buying fiat on p2p & have the fiat sent to someone else?

BitMaxz

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Quote from: Turbolantern on November 23, 2021, 01:11:56 AM

Is it really adding another payment method? I thought it was me > p2 seller > me. Not me > p2 seller > Binance > me. Meaning the seller is the one who is sending the money from their account to the account I give them. It's not Binance that's sending me the money from their account.

How do you think you give your account then? Adding a payment method is where you will receive the amount you exchange from the seller.

You will still need to add a payment method in order for the seller to send the amount you exchange to the payment method that you add in your P2P account without adding it you won't be able to exchange anything from Binance P2P.

You just didn't understand how Binance P2P works but if you already have an account on Binance check it there and I'm sure you will still need to add a payment method where you will receive the money you can add the payment method it could be a bank account or any other payment methods available in your country. You can also try to add the payment method of your friend's bank account but I do not know if it will work because based on my experience on Binance P2P they don't allow me to add other payment method or bank account that doesn't have the same name if what name you registered on Binance you must use an account with the same info or name when adding a payment method.

Bitcoin_Arena

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Quote from: Turbolantern on November 23, 2021, 01:11:56 AM

Is it really adding another payment method? I thought it was me > p2 seller > me. Not me > p2 seller > Binance > me. Meaning the seller is the one who is sending the money from their account to the account I give them. It's not Binance that's sending me the money from their account.

You are missing the point. You are still using Binance to perform the p2p transaction, right?

This means in order for you to add the payment method, it has to match with the name you used to verify the account.
Secondly, there is no sane buyer who is going to allow sending money to a third party whose names do not match your payment options available. This is how people get scammed.

If he sends money to a third party, it means if you don't release the bitcoins and he tries to appeal. It means he will lose the appeal since the person he made payment to has no details listed in your payment options... basically, he will have no evidence to show that he paid to your listed payment methods.

bL4nkcode

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Why make things complicated if you can just send the fiat from your bank account to your friend's account?

Other option is just use other p2p exchanges that doesn't need kyc such localcryptos (mentioned already above).

Now, if you call it an "extra unnecessary steps/transfers" then feel free to proceed, use your friend's bank account on binance and bear the consequences after, it's your account after all.

o_e_l_e_o

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Quote from: Turbolantern on November 23, 2021, 01:11:56 AM

Is it really adding another payment method? I thought it was me > p2 seller > me. Not me > p2 seller > Binance > me. Meaning the seller is the one who is sending the money from their account to the account I give them. It's not Binance that's sending me the money from their account.

Yes, the fiat will transfer directly from the buyer's account to the seller's account, but you still have to link your bank account to Binance and they will still go through all their usual KYC requirements and checks and all the rest of it. If you add a bank account in a different name to the name registered on the account, then it will absolutely throw a red flag and result in your account being locked. Since you are using Binance, even though you are trading peer to peer you are still using a completely centralized and privacy invading platform, and so will be subjected to all their usual rules and regulations.

Your options are either:
1 - Trade using your own bank account and then send the fiat to your friend
2 - Have you friend open his own account and go through the KYC process
3 - Use a real DEX such as Bisq or LocalCryptos, and not the centralized Binance nonsense

Jawhead999

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Quote from: Turbolantern on November 23, 2021, 01:11:56 AM

Is it really adding another payment method? I thought it was me > p2 seller > me. Not me > p2 seller > Binance > me. Meaning the seller is the one who is sending the money from their account to the account I give them. It's not Binance that's sending me the money from their account.

The thing is you're still using Binance for doing the transaction, they can monitor your accounts and if they caught you're not following their TOS you'll be in trouble. If you want to use someone bank account to buy/sell Bitcoin better stick with DEX (e.g. Bisq) or trade in this forum (indeed you need to extra careful not trading with scammer).

Turbolantern

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Quote from: BitMaxz on November 22, 2021, 06:11:29 PM

Why not tell your friend to make a Binance account so that you can directly send BTC to him and exchange it into fiat through P2P?

Because the person is not into crypto and its not feasible for them to start learning now just for this. It's not exactly as simple as creating an email account.

Quote from: BitMaxz on November 22, 2021, 06:11:29 PM

Adding another payment method to your Binance account should be the same name as what you use in your Binance account. So you can't able to use other's bank account to exchange crypto to FIAT.

Is it really adding another payment method? I thought it was me > p2 seller > me. Not me > p2 seller > Binance > me. Meaning the seller is the one who is sending the money from their account to the account I give them. It's not Binance that's sending me the money from their account.

Turbolantern

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Quote from: Potato Chips on November 22, 2021, 06:00:23 PM

It is against their policy.

Quote from: https://www.binance.com/en/support/faq/360041066751

III. Buyer’s Instructions:

2. Please use the payment method with the account owner name that is consistent with your registered name on Binance (The name must be identical with the KYC Verified name on Binance.) The Platform does not support non-real-name verified payment methods. The User’s P2P function will be suspended for a minimum of 15 days if a non-real-name verified payment method has been used.

... 7. In case of any violations of the “Buyer’s Instructions”, the Platform may, in accordance with this Policy, the Terms or relevant laws and regulations, or in its sole discretion, take measures as it considers fit, including but not limited to freezing the violator’s account or disabling any account functions on the Binance trading platform or/and the Platform.

Quote from: https://www.binance.com/en/support/faq/360041066751

IV. Seller’s Instructions:

1. The account owner name you have used for collecting payment must be consistent with your registered name on Binance. (The name shall be identical with the KYC Verified name on Binance.)

...8. In case of any violations of the stated “Seller’s Instructions”, the Platform may, in accordance with this Policy, the Terms or relevant laws and regulations, or in its own discretion, take measures as it considers fit, including but not limited to freezing the violator’s account or disabling any account functions on the Binance trading platform.

Can I ask what's your purpose OP? You can wait for the money to land to your bank account then proceed to transfer them to non-binance person either thru their bank/somewhere else.

Because it's easier that way. Instead extra unnecessary steps/transfers.

Darker45

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Don't make things complicated for you and your friend, which might result to your Binance account frozen.

Why do you have to use your friend's bank account, by the way? Is it because you don't want to share your banking details? Is it because you don't have a bank account?

If you really want your friend to receive the payment, then just let him/her create a Binance account, pass KYC to be able to use the P2P platform, send your BTC to him/her, and let him/her do the transaction.

sunsilk

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I think I've heard others did that before.

But why you have to send it to your bank account if it's your binance account that actually does the deal? You can opt for sending the money on your bank account and have it wired to your friend.

It's the better way around IMO.

BitMaxz

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Why not tell your friend to make a Binance account so that you can directly send BTC to him and exchange it into fiat through P2P?

Adding another payment method to your Binance account should be the same name as what you use in your Binance account. So you can't able to use other's bank account to exchange crypto to FIAT.

Potato Chips

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yesssir! 🫡

It is against their policy.

Quote from: https://www.binance.com/en/support/faq/360041066751

III. Buyer’s Instructions:

2. Please use the payment method with the account owner name that is consistent with your registered name on Binance (The name must be identical with the KYC Verified name on Binance.) The Platform does not support non-real-name verified payment methods. The User’s P2P function will be suspended for a minimum of 15 days if a non-real-name verified payment method has been used.

... 7. In case of any violations of the “Buyer’s Instructions”, the Platform may, in accordance with this Policy, the Terms or relevant laws and regulations, or in its sole discretion, take measures as it considers fit, including but not limited to freezing the violator’s account or disabling any account functions on the Binance trading platform or/and the Platform.

Quote from: https://www.binance.com/en/support/faq/360041066751

IV. Seller’s Instructions:

1. The account owner name you have used for collecting payment must be consistent with your registered name on Binance. (The name shall be identical with the KYC Verified name on Binance.)

...8. In case of any violations of the stated “Seller’s Instructions”, the Platform may, in accordance with this Policy, the Terms or relevant laws and regulations, or in its own discretion, take measures as it considers fit, including but not limited to freezing the violator’s account or disabling any account functions on the Binance trading platform.

Can I ask what's your purpose OP? You can wait for the money to land to your bank account then proceed to transfer them to non-binance person either thru their bank/somewhere else.

Oshosondy

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To use another person's account for p2p? I have done it before and it worked, but binance indicated someone to use his own person bank account, especially to help in the case of dispute between buy and seller. This means I will not recommend it.

Turbolantern

newbie

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Someone else = Non Binance.com user.

L
et's say I opt for bank transfer and I'm selling my btc for some fiat. Can I have the seller send thehttp:// money to somone else's bank account?

Topic: Does Binance.com allow buying fiat on p2p & have the fiat sent to someone else? (Read 146 times)