Transferwise and Binance P2P

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MEissa

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Feb 12, 2021
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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
 
1- yes of course it's legal
2- Yes you can use TransferWise on binance P2P. You can also send SEPA transfers using TransferWise but TransferWise has blocked blocked IBANs of major P2P traders so you might have to trade with less reputable people.
 
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% ...
 
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" 😀
 
MEissa said:
MEissa said:
What will happen to my balance in Transferwise if they closed the account
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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.
 
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.
 
noname said:
noname said:
Does this mean that seller accepts TransferWise to his TransferWise account balance.
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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.
 
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?
 
misto111 said:
misto111 said:
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?
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By now you may already have found the answer. You simple just need to have you documentation in order.

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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.
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https://wise.com/help/articles/2932118/incompatible-accounts-and-payments
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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Saho said:
Saho said:
They will transfer it to a bank account in your name. This can take a few days or months.
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misto111 said:
misto111 said:
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?
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And? Did it got frozen? with us the next day after a stupid client put "Binance P2P"in the payment description.
FYI:Wise is closing accounts like crazy. Wise is past now. Stay away from them. They ghost you for months before paying back your money.

noname said:
noname said:
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.
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On Binance there is a Alteway, a licensed crypto seller. Active in this forum? Uses revolut to receive payments. Revolut Support said it was impossible to open a business account for crypto company and did not have a idea how it was possible Alteway passed kyc and can do transactions without getting blocked.
 
romalo said:
romalo said:
And? Did it got frozen? with us the next day after a stupid client put "Binance P2P"in the payment description.
FYI:Wise is closing accounts like crazy. Wise is past now. Stay away from them. They ghost you for months before paying back your money.


On Binance there is a Alteway, a licensed crypto seller. Active in this forum? Uses revolut to receive payments. Revolut Support said it was impossible to open a business account for crypto company and did not have a idea how it was possible Alteway passed kyc and can do transactions without getting blocked.
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Alteway uses Industra Bank for payments.
 
How do you get a bank account with them?
https://industra.finance/

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I do not knw. A lot of Sellers on P2P Binance wrote that they accept Revolut, Wise etc, but in a fact when you'll make a deal, you'll see another bank data. Alteway has IBAN from Industra Bank, you can check it on Binance. Same like a lot of other PRO sellers

EliasIT said:
EliasIT said:
https://wise.com/help/articles/2932118/incompatible-accounts-and-payments
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?
Click to expand...
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Wise is not supporting crypto in any way
your accounts will be blocked in some days
also possible will be blocked accounts you sent money too
We had it several times, so I know what i'm talking about
 
Buratino said:
Buratino said:
Alteway uses Industra Bank for payments.
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On the way you responds I see you are confident, I appreciate your answer. But the weird thing is I double checked. it is really a revolut account.
When you click buy and open the order I see this payment instructions:
Country: Lithuania, IBAN: LT873250047743404905, Name: Alteway UAB, BIC: REVOLT21XXX
1. Add ORDER NUMBER in payment details!
2. Please upload a proof of payment (screenshot) in chat.
etc etc

Check with IBAN checker, its really revolut.
Revolut also confirmed it was a revolut account. But they don't let us pass the kyc. Super weird.

Buratino said:
Buratino said:
I do not knw. A lot of Sellers on P2P Binance wrote that they accept Revolut, Wise etc, but in a fact when you'll make a deal, you'll see another bank data. Alteway has IBAN from Industra Bank, you can check it on Binance. Same like a lot of other PRO sellers


Wise is not supporting crypto in any way
your accounts will be blocked in some days
also possible will be blocked accounts you sent money too
We had it several times, so I know what i'm talking about
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100% confirmed what you said. they block days later.
 
So, what EMI account you can use trading in P2P? I really do not know - trying to find this answer empirically)
 
Vialet, now testing. But they are sneaky. They offer free SEPA payments etc, but ones you apply, you get totally different pricing. You have to negotiate.
Kyc is really weird, they ask for aposstile documents not one other banks asks. I applied with 40 EMI/Banks, know what I'm talking about.

Spinat said:
Spinat said:
How do you get a bank account with them?
https://industra.finance/
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Do you know if they offer INSTANT Sepa? google does not come up with results.

Last edited: Oct 11, 2022
 
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