Post
Topic
Board Service Discussion
Re: Why Localbitcoin take this action ?
by
o_e_l_e_o
on 18/11/2023, 09:00:06 UTC
Binance have the strictest kyc requirements but they still have a p2p exchange platform.
There is nothing peer to peer about Binance's "P2P" platform.

Peer to peer means peer to peer. It doesn't mean peer to middle man to peer. If there is a middle man called Binance with which you have to register an account, complete KYC, deposit your coins or fiat, and who can spy on everything you do, block or reverse trades, close your account, confiscate your coins, etc., then that isn't peer to peer in the slightest. It is a complete centralized in all but name.

There are plenty of exchanges out there which call themselves peer to peer or call themselves decentralized when they are no such thing. This has been the case for years:

There is a problem with a lot of exchanges using the word "decentralized" as a marketing tool and gimmick, when in reality they are not decentralized at all. Sites like LocalBitcoins and IDEX which claim to be decentralized, and yet users have to deposit coins to their custodial wallets and complete KYC. Complete nonsense.

There are very few truly peer to peer exchanges out there, and even fewer truly decentralized ones. Bisq remains the best option for both criteria.