Binance shut down my licensed P2P business, now the EU shut down Binance
A registered P2P merchant in Poland shares her Binance ordeal and the EU's regulatory response.
1Sudden account termination of a licensed P2P merchant
A registered and tax-compliant P2P Pro Merchant in Poland reports her Binance account was closed after 4 years of activity and 48,000+ transactions. The only reason given was 'Terms of Use violation,' with no specific clause identified.
2Account sharing rationale vs marital trust
The user's husband's account was also terminated for 'account sharing.' While fingerprint and password sharing between spouses is normal in marriage, Binance's risk system seemingly couldn't distinguish this from fraudulent activity.
3Inconsistent support team responses
Over 32 days, the user contacted 15 different support agents without receiving a coherent explanation. One agent mentioned an appeal process while another denied its existence. The account review lasted merely 2.5 hours.
4Binance's EU compliance failures
Three months after terminating the merchant's account, Binance failed to obtain MiCA licensing and suspended services across the EU. The platform that demanded unexplained compliance from a small merchant couldn't maintain continent-wide compliance itself.
5Impact on P2P market liquidity
Binance Poland's decisions left only 2 merchants active on the PLN P2P market at times, while competitors maintained 100+. The platform systematically removed its own verified, licensed merchants, creating a ghost town in its order books.
6Need for transparency in fintech platforms
This case highlights how opaque algorithmic decision-making and compliance processes in crypto exchanges can harm legitimate users. Merchants' stats, licenses, or reputations offer no protection against platforms' arbitrary actions.