> (2) A buyer gets matched with that order upon setting their criteria, and has to send a fiat payment [...] to the sellerʼs local account + upload a photo for verification.

It is quite neat... But since you don't handle the cash, how will you deal with fraud? Or even normal bad luck? Bank transfers do get lost and require chasing banks, and you will be out of the loop here.

Also, I guess bank transfers between poorly banked countries are probably a constraint? If I live in a country with hyperinflation, am I definitely able to send fiat to a seller?

AML would seem basically impossible, but I guess that's no different to Binance...