If you’re wondering whether Binance shows your real name, the short answer is yes, but there’s more to it. Binance is a popular platform for buying and selling cryptocurrencies, and it has strict identity verification (KYC) procedures in place, especially for P2P (peer-to-peer) trading.
When you trade on Binance P2P, your verified name (the name you used during the KYC process) must match the name on your payment account. This step is to ensure a safe and transparent transaction. It prevents identity fraud, and scams, and keeps your money and crypto secure. Binance needs this verified name to comply with laws to protect both buyers and sellers.
Does Binance Show Your Name to Other Users?
For P2P trades, your real name does not appear publicly to other users on the platform. Instead, Binance uses a nickname for privacy. However, the merchant you are trading with may see your real name through the payment transaction. This is to make sure that the name on the bank transfer or e-wallet matches the verified name on Binance. If the names don’t match, the merchant can cancel the trade, and the cryptocurrency will not be released. So, the necessity of your real name plays a crucial part here.
Why Do You Have to Verify Your Name on Binance P2P?
Verifying your name on Binance P2P is important for many reasons, and it all comes down to trust and safety. When you trade on the platform, you’re dealing directly with unknown people, so making sure that everyone is who they claim to be is important. Once you have a real name on your Binance profile, others can understand that you are a real person and it allows the platform to confirm your identity.
Here’s why it matters:
- Builds Trust: When both parties in a trade can see that the names on their accounts match their verified information, it builds trust. This reduces the chances of fraud and results in the smooth buying and selling of cryptocurrency. You wouldn’t want to send money to a stranger without knowing who they are, right?
- Follows the Rules: Binance has to follow global regulations like Anti-Money Laundering (AML) laws. Your actual name helps them comply with these regulations. It’s not only for Binance but necessary for your safety too, so bad actors don’t abuse the platform.
- Helps Resolve Disputes: If something goes wrong during a trade, the verified name helps Binance step in and solve the issue. It’s easier to figure out what happened when all the information exactly matches up.
How to Check Your Verified Name on Binance
You can easily check your verified name on Binance through the website or mobile app. Here’s how:
On the Website:
- Log into your account.
- Go to P2P and click on More.
- Under Payment Methods, you’ll see your verified name next to the payment method you add.
On the App:
- Open the Binance app and go to P2P Trading.
- Tap Profile then go to Payment Methods.
- On a new payment method option screen, your real name will appear in the Account Holder Name section.
If the name is not right, you can request a correction by contacting customer support or filling out a name correction form.
Do You Have to Use Your Real Name on Binance?
Yes, you must use your real name when signing up for Binance and completing the KYC process. This is required to ensure that all transactions are legitimate and meet regulatory requirements. You can’t use a fake name or someone else’s identity for your account.
Why Do Some Merchants Ask for Additional Verification?
Some P2P merchants might ask for extra identity verification, especially if it’s your first time trading with them. This is often a legal requirement in their country. They might ask for a copy of your ID or passport to comply with local regulations. You can always decline and choose another merchant, but agreeing to extra verification helps keep the platform safe for all users.
How Binance P2P Transactions Work and Why Verified Names are Important?
Binance P2P is a platform where you can trade cryptocurrencies directly with other users, without a middleman. The escrow system on Binance helps keep your funds safe while the transaction is happening. But your payment account name has to match your verified name on Binance. Why is this so important?
- Prevents Fraud: During a trading process, the platform checks that your name on the payment method matches your verified name. If it doesn’t, the trade won’t go through. This stops people from using someone else’s account or making unauthorized payments.
- Clear Communication: When both parties know exactly who they’re dealing with, the process becomes transparent. You know that the person you’re trading with is verified, so you can feel more comfortable when making the transaction.
- Security Measures: Binance uses a strong security system to protect trades, including holding funds in escrow until both sides confirm the transaction. This system works hand-in-hand with name verification to make sure everything goes nicely.
In short, verified names keep things secure, fair, and simple for all users to make sure anyone can buy or sell the crypto coins confidently on Binance P2P.
Conclusion
Binance does show your real name during transactions, but it’s only visible to the other party involved in the payment, like the merchant. It is a necessary step to keep the platform safe and compliant with laws. If you ever need to check your verified name, it’s easy to do through the app or website. Always use your real name on Binance to avoid issues with your account or transactions.
Disclaimer
The information provided in this article is only for educational and informational purposes and should not be considered financial or investment advice. We are not licensed financial advisors. Always conduct your research and seek guidance from a certified financial professional before making any investment decisions.
