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.