In a world where crypto users get de-banked, we've heard a lot of questions like "Will Wise close my account if I use ZKP2P?" The short answer is they shouldn't, but the long answer is slightly more complex.
It's important to understand exactly what ZKP2P is and what it isn't:
ZKP2P isn't an exchange.
ZKP2P isn't a custodian.
ZKP2P isn't a workaround.
ZKP2P is a non-custodial protocol that helps people trade crypto ↔ fiat using everyday payment apps like Wise, Cashapp, or Venmo with cryptographic proof the fiat transfer was completed.
You don't give custody of your funds to ZKP2P.
You don't rely on Telegram messages and screenshots.
You don't trust a middleman.
You are just using a smart contract to make your P2P trade verifiable, permissionless, and private. When used properly, it can be no riskier than paying your friend back for coffee.
Banks are regulated, and have a duty to ensure that no fraudulent behaviour or transactions that go against their terms and conditions. It is important to note, ZKP2P doesn't interact with your bank, you do! So they key to staying safe is to behave like any other peer-to-peer transaction like sending money to a friend or relative.
Here are some best practices that you can use when sending money:
✅ Use neutral or blank payment references
We all remember sending our friends money with inappropriate references which can be taken quite seriously. Using neutral references like "Transfer", "Invoice" or "Thanks" and avoiding terms like "crypto", "USDC", "p2p payment" or wallet addresses can help ensure your bank does not flag your transaction based on keyword filters.
✅ Start with small amounts
Before committing to a larger transaction with a new payee, try a small test transaction. This will help avoid triggering fraud protections for an out of ordinary first time transfer. What a good buyer 456e is, small test amount with new payment provider, going bigger after a few days!
✅ Don't treat your personal account like a business Most payment apps and banks don't allow brokerage activities on personal accounts, and can lead to behaviour being flagged as abnormal. These filters can apply if you're using ZKP2P or just splitting a bill with your friends.
Avoid:
- Sending similar amount transfers in a short period of time
- Receiving large, repeated amounts from different buyers
- Bot-like automation
✅ Don't overexpose yourself
There is no need to lie in memos, but also no need to overshare in payment references or memos. Your bank doesn't need to know that "you're sending USD to XYZ to buy USDC on Base chain using zero knowledge proofs", but they can know that "you sent money to a peer".
ZKP2P isn't inherently risky, but sloppy payment habits can be. Don't try and become a crypto brokerage on your personal Wise account, just follow normal human behaviour. Respect their terms and conditions, keep it clean, neutral, and safe.
Not only do good banking habits help protect your account with your payment providers, it's important to recognise that ZKP2P has upgraded the peer-to-peer trading. Sending payments to a CEX to escrow, sending screenshots via TG, or having to trust random people, ZKP2P makes peer-to-peer trading safer, smarter, and more resilient.
No custody risk
- Your funds are always in your control, ZKP2P never has control over your assets.
No reliance on screenshots or Telegram messaging
- Screenshots can be easily faked, there are scammers, ZKP2P uses zero knowledge proofs to prove that the fiat was sent.
No middlemen
- No intermediaries handle your funds, you send direct to your peers leading to fewer points of failure and less regulatory risk
No privacy sacrifice
- Traditional P2P trading involves sharing payment info, receipts, and in some cases ID. ZKP2P use of zero knowledge proofs means that your sensitive data is never shared and never exposed.
Permissionless
- No one needs to approve your access, anyone can use ZKP2P.
Works globally, instantly
- Any two people with a payment method and wallets can trade safely (Missing your payment provider? You can add it yourself! https://github.com/zkp2p/providers)
Importantly, you're not doing anything wrong by using ZKP2P. It is how P2P should work; private, verifiable, and permissionless. When used responsibly and with best practices in mind, it's no riskier than reimbursing a friend money when you want to split the bill.
Got questions or feedback? Drop a question below or send us a DM.