P2P trade advise
P2P trade advise
Hello, for the past 2 weeks I am being redirected to 395 different authorities and banks for me to complete the procedure to become P2P trader.
Long story short, I have some crypto, willing to sell via P2P platforms, but the bank that I use prohibited me from using their account for this.
I called few other banks in my country and they are telling me that I need VASP license to trade crypto. (
?)
I searched for VASP license and it it really complicated and not worth for me as I will need to register a company, invest in shared capital, appoint AML officer etc.
Is it really that hard to start P2P trading? I see tons of people on Binance trading P2P. All of them have VASP license? or they are hiding income with banks?
I want to do everything legally, according to all procedures. I have explained to bank that I am not a crypto exchange or smth to obtain either VASP license or open business bank account.
I need your advise, where to open bank, which bank. Is there any document I can show to my bank that will persuade them that I don’t need VASP license?
Thank you in advance.
I have done many p2p trades on Binance and I had no issue with any of those trades but surely the matter you discussed is different from what I have been doing. I have basically made p2p trades with merchants in order to convert my crypto to fiat but never ever did something that merchants do.
I believe it’s allowed to be a p2p merchant in many countries but surely in some countries there could be some restrictions and rules. I believe p2p trading on Binance can be done smoothly from UAE without any issues, however I’m not sure if they also want a similar VASP license or not.
I suggest you to contact someone in UAE and ask them that how one can create an e-bank account of that country if he/she isn’t living there? If something like that is possible then I’m sure you’ll be able to p2p trade with a bank account. By the way, you can do p2p trading with online payment gateways if I’m not wrong.
I’ve been trading in Binance P2P for many years now, I don’t encounter such issues. I don’t think if it’s just in your Country, because here in my place all is well in terms of P2P trading. Binance provided an instruction how to post an ad and they provide the criteria how to become a verified merchant. And because what I’m doing is to withdraw from them, I just need to find an ad. And since your problem is about the bank you’re using, try to make up with another banks because afaik there are lot of method to send the payment.