P2P Deposits in Binance - Too Much Risk to Be an Option

CochazoTuc on 19/03/2024 - 00:33
Last edited 19/03/2024 - 01:33 by 1 other user

Hello all, I'm curious to know if any of you have deposited AUD in Binance using P2P, and if so, what are your thoughts on the process?

My recent experience has left me somewhat uneasy due to the information the merchant requested in order to finalize the transaction (post-payment), which contradicts the chat rules defined by Binance.

In a nutshell, I was attempting to deposit some AUD to purchase cryptocurrency but found that the process of depositing fiat money is no longer as straightforward as it used to be. The only options available to me were to use a credit card or engage in peer-to-peer (P2P) transactions, which require transferring money to a third party.

Given the high fees associated with the credit card option, I opted to try the P2P method, assuming it would be simpler.

To my surprise, I was blocked and lost 5% of my deposit because the seller or merchant requested that I send a selfie via the Binance chat box. The selfie needed to show me holding a piece of paper displaying my name, signature, and today's date, as well as my government-issued photo ID.

This requirement contradicts Binance's own disclaimer within the same transaction chat box, which says:
"ATTENTION ! DO NOT release crypto before confirming the money (available balance) has arrived in your payment account. DO NOT trust anyone claims to be customer support in this chat. Customer Support DOES NOT contact users via phone call, messenger or other platforms, and NOT asking for personal information, NOR scanning QR Code. Do NOT scan any QR code provided by anyone via WhatsApp. Be aware of scammer."

I find it concerning that this seems to be common practice, and can't believe that people would be sharing such personal details over the Binance chat with a merchant who could potentially store or misuse this information.

I have not yet received my money back, and therefore, I haven't escalated this issue through the proper Binance channels.

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Comments

  • Jimothy Wongingtons on 19/03/2024 - 01:18
    +1

    Considering the possible safety concerns why not just on ramp by buying your choice of crypto (prob btc?) via an exchange (like btc market if you want an ultra safe option) then send over to Binance and going a suitable pair? (Assuming you want to buy something a little more exotic?)

    • Jonzay on 19/03/2024 - 10:33
      +2

      Just keep in mind that BTCMarkets has apocalyptically high trading fees - about 7x to 8x the norm.
      I'm not going to shill alternatives, but I will say that there are other AUD on/off ramps with no deposit/withdrawal fees that are available to Australian customers and have far, far lower fees than BTCMarkets.

      • Jimothy Wongingtons on 19/03/2024 - 10:35

        Yep that’s fair , I think kraken was the main other one?

        • KangaDrew on 19/03/2024 - 17:41

          CoinSpot and Swyftfx are another good starting point

  • Dollar General on 19/03/2024 - 07:47

    The future of money sounds exciting.

    I’ll stick to cash though

  • DingoBilly on 19/03/2024 - 10:09
    +1

    Isn't Binance crap for AUD/crypto now?

    Last time I had to withdraw I realized they just flat out don't allow you to since mid last year or so.

    Ended up using Kraken instead which was much easier/simpler.

    • Jimothy Wongingtons on 19/03/2024 - 10:36

      Binance doesn’t support aud fiat deposit full stop or any aud pairs any more

    • Hellcrusher3304 on 15/07/2024 - 21:09

      Seems like most banks don't accept transfers to Kraken anymore.

      Are there any banks that still allows it?

  • itsfuze on 19/03/2024 - 10:38
    -1

    Why not just use an Australian exchange? I use Coinspot and if you market trade, the fees are relatively low (0.1%)

    • Jimothy Wongingtons on 19/03/2024 - 10:46

      Maybe op wanna buy BnB coin which has had some decent growth lately - but MAYBE too late to jump on the train. Growth been wavering last 7 days.

    • KangaDrew on 19/03/2024 - 17:45
      +1

      You'll actually find their fees are more like 1%. Only market orders are 0.1%, and dare I say it - most people probably aren't using market orders. Typical entries (instant buy, sell and swap orders) are @ 1% (as are TP, stop loss and limit orders).

      • itsfuze on 19/03/2024 - 23:08
        -1

        Yes, hence why I said "if you market trade".

  • skywalka on 18/04/2024 - 13:06

    I was trying to use the OzB referral system & need to deposit $50 but it’s impossible?

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