Binance P2P has recently experienced cases where sellers’ bank accounts have been frozen due to the involvement of buyers in “fraud” cases on other platforms. In these cases, the buyer transfers cryptocurrency to another platform after purchasing it through Binance P2P and then reports being scammed to the authorities, implicating the seller who traded honestly on the Binance P2P platform. In order to prevent or quickly resolve such incidents, sellers can take the following actions:
- After accepting an order, ask the buyer for additional identification verification documents, such as a phone number, through the chat feature. If the buyer refuses to provide these documents, you have the right to request the other party to cancel the transaction or appeal after receiving payment. The customer service team will then intervene to negotiate a refund.
- During the transaction, educate the buyer on the risks of trading cryptocurrencies on non-mainstream platforms and include a disclaimer.
- If you are accidentally implicated in a fraud case, contact your bank and try to locate the buyer. Send an email to p2p@binance.com with a description of the situation and any relevant evidence.
- If necessary, actively contact the authorities to provide evidence and transaction proof records, as well as chat records with all counterparties. You may also want to consult with legal professionals for additional guidance.
To protect yourself in daily transactions, it is also important to:
- Use a bank account specifically for P2P transactions, separate from the account you use for everyday transactions. Avoid transferring your salary or other funds to this account.
- Try to avoid frequent small transactions and instead increase the size of your transactions while reducing their frequency.
- Be careful when leaving messages and try to keep a low profile.
- Avoid using cryptocurrency-related words in the reference or notes when making payments to other parties.