does binance p2p work in germany

Binance P2P, a platform for direct cryptocurrency transactions, operates in Germany under strict regulations such as KYC and AML, ensuring compliance and deterring illegal activities.

Nov 01, 2024 at 06:00 pm

Binance P2P: availability and regulations in Germany

1. Availability of Binance P2P in Germany

Binance P2P is a peer-to-peer (P2P) cryptocurrency exchange platform operated by Binance, a leading global cryptocurrency exchange. Binance P2P allows users to buy and sell cryptocurrencies directly with each other, without the need for an intermediary.

Binance P2P is available in Germany, and users can access the platform through the Binance website or mobile app.

2. Regulations for Binance P2P in Germany

Binance P2P is subject to German financial regulations, including the German Banking Act (KWG) and the Anti-Money Laundering Act (AMLA). As a result, Binance P2P users in Germany are required to comply with certain regulations, including:

• Know-Your-Customer (KYC): Binance P2P users in Germany must provide personal information and undergo identity verification to comply with KYC requirements. This includes providing a government-issued ID, proof of address, and a selfie.
• Anti-Money Laundering (AML): Binance P2P users in Germany must comply with AML regulations, which include measures to prevent and detect money laundering and terrorist financing. This includes reporting suspicious transactions and cooperating with law enforcement.

3. Conclusion

Binance P2P is a legitimate and regulated platform for buying and selling cryptocurrencies in Germany. Users must comply with German financial regulations, including KYC and AML requirements. Failure to comply with these regulations could result in penalties or account suspension.