Transferwise and Binance P2P

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MEissa

New member
Hello Everyone,

I am doing P2P trading on Binance using TransfeWise. I am afraid that TW close my account and loos my money. So I have couple of questions searching that I could fins an answer for them:
1- Is Cryprto P2P trading legal? I am Egyptian and based in Belgium, So if that can help to answer the question
2- Is P2P on Binance is allowed with TransferWise? If Not, What is the alternatives? Can I find some cover to my trades for Transferwise?
Appreciate your help
 

nomad999

Entrepreneur
damn was not aware binance had opened a p2p service ... holy moly thats good to know !
the premium is a bit high though, way above 5% ...
 

MEissa

New member
Thanks @Coin
So what is the best alternative for TransferWise if I want to trade extensively with Binance P2P in addition to SEPA.
Also what is the best cover if TranswerWise started investigations in my transfers? What will happen if said "I am doing P2P on Binance" :D
 

Coin

New member
What will happen to my balance in Transferwise if they closed the account
Well you should be able to get it sent to your account. But the process is very hard as they will start to ghost you, ignore your emails and this kind of stuff which they are brilliant at. In my case after a month full of threats, 10s of emails, multiple phone calls and even many messages to their Facebook support I managed to get my money back but it was a very hard and stressful process.
 

noname

New member
I was looking at Binance p2p market and I seen that some sellers under Payment show TransferWise even Paysera which restricts crypto trading. Does this mean that seller accepts TransferWise to his TransferWise account balance? Or it means you can use TransferWise to pay but sellers bank account is a different one probably not EMI. I thought if you use TransferWise to send payment to another TransferWise user, they shoudn't block their own IBAN accounts.
 

MiddleEuroAsia

opportunist
Entrepreneur
Does this mean that seller accepts TransferWise to his TransferWise account balance.
Yes. that's basically the premise of most EMI p2p services. wise to wise, paysera to paysera, payoneer to payoneer, advcash to advcash....etc are all the same.

So you basically buy/sell crypto using a p2p Service, and you pay from your paysera/wise/payoneer/advcash account to the seller's paysera/wise/payoneer/advcash, and that way, you can almost always send/receive whatever amount of money instantly and without too much questions.

Alot of EMIs don't bother with internal transfers (and even banks don't bother), but the moment you start sending/receiving any amount money from any institution outside the EMI system, that's the moment they start to ask questions.
 

misto111

New member
I'm also doing P2P trading on Binance using wise, recently the payment I am receiving need to do some checks before Wise send the payment to me, they are not asking me for more detail currently. Should i be worry my account will be freeze soon?
 

James Spader

Forum Moderator
Staff member
I'm also doing P2P trading on Binance using wise, recently the payment I am receiving need to do some checks before Wise send the payment to me, they are not asking me for more detail currently. Should i be worry my account will be freeze soon?
By now you may already have found the answer. You simple just need to have you documentation in order.
 

EliasIT

Corporate Services
Mentor Group Gold
You can receive money to your Wise account from a platform that deals with cryptocurrencies — as long as the platform is regulated and/or supervised in the EU or UK.

Does it apply for personal or business or both?

Someone know if they allow payment to be send to crypto exchange if the account is a business account?
 

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