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Binance to shutdown P2P crypto trading for multiple countries, Binance Crypto Withdrawal shut down in 2025

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Published

March 6, 2025

Recently it has been reported that Binance crypto trading exchange is shutting down P2P crypto trading from 31st March 2025. it has been reported that due to Binance’s P2P crypto trading, fraud, financial loss, and scams are taking place in countries across the world, for which only Binance Crypto Exchange is being held responsible. If Binance P2P services are discontinued, other Binance features (e.g., spot trading) might remain accessible. Always prioritize compliance with local laws to avoid account freezes or legal risks. For real-time updates, follow Binance’s official communications. Binance has previously restricted services in jurisdictions like the UK, Japan, and Ontario (Canada) due to regulatory demands. A P2P shutdown would align with this pattern of adapting to legal environments. In countries facing economic instability or capital flight (e.g., Turkey, the US, Argentina), P2P crypto trading is seen as a threat to national currencies. Governments may block access to platforms like Binance to stabilize financial systems, even at the cost of limiting financial innovation. Binance facing warnings for operating without a license. Binance’s CEO says, Binance Crypto Exchange Facing multiple Regulatory Crackdowns, Geopolitical Tensions, Legal Battles, Loss of Financial Freedom, Market Liquidity Crunch, and P2P money laundering or Frauds.

breakdown of the Binance P2P trading changes:

  • P2P Cash Zone Shutdown:
    • Binance is discontinuing its P2P Cash Zone feature. This means users will no longer be able to conduct in-person cash transactions for cryptocurrency through registered agents on the platform.
    • The official shutdown of the P2P Cash Zone is set for March 31, 2025.
    • Prior to that, on March 25, 2025, the ability to place new orders will cease.
  • Shift to Digital Payments:
    • Binance is encouraging users to transition to digital payment methods, such as:
      • Bank transfers.
      • E-wallets.
      • Third-party payment platforms.
  • Reasons for the Change:
    • Enhanced security: Reducing risks associated with cash transactions, such as fraud and personal safety concerns.
    • Regulatory compliance: Aligning with increasingly stringent global financial regulations, particularly regarding money laundering.
    • Increased transparency: Digital transactions offer better tracking and audit capabilities.
  • Impact on Users:
    • Users who relied on cash transactions will need to adapt to digital payment methods.
    • Binance recommends that users update their payment information and familiarize themselves with online transaction options.
  • Additional Changes:
    • Binance is also making changes regarding stablecoins within the EEA due to the MiCA regulations.

In essence, Binance is moving away from cash-based P2P trading towards a more secure and compliant digital system.

Why is Binance moving to CBDC, Bank Transfer, E-Wallets, digital payment systems, and Crypto brokerage platforms?

Recently it has been reported that due to mica and ia regulations, Binance is now forced to shut down P2P trading. Let me tell you that recently it has also been reported that many accounts are fraudulently running P2P trading, in which the accounts of almost 20% of the crypto traders get frozen. Binance plans to link multiple European banks, Digital Payment Systems, Credit cards, CBDC, and Government-backed international business strategies to count all crypto-transactions to apply taxation and monitor Fraud and Digital Investment. All Governments may enforce strict AML (Anti-Money Laundering) or KYC regulations that Binance’s P2P platform struggles to meet, leading to suspensions (e.g., US, European Union, China, India, Nigeria). Turkey, Nigeria, Malta, the Middle East, and the US have strict financial regulations (e.g., Nigeria, and Turkey) that might target P2P crypto trading to prevent capital flight or currency instability.

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