How Does the Binance P2P Escrow Service Work?
Step 1: Place your order
Place an order to buy or sell cryptocurrency. The crypto will be held by Binance P2P temporarily until the operation is successfully completed.
Step 2: Start a conversation
Start a conversation with the seller or buyer. When you are trading with a counterpart that you do not know, we recommend that you use the chat to communicate with him/her. The chat history will be essential if there is a dispute with your counterpart and you make an appeal.
Step 3: Make the payment or release the cryptocurrencies
If you are a buyer, make the payment and notify the seller that you completed the payment. Click the "Confirm" button to notify the seller that you made the payment. If you are a seller, wait for the buyer's payment confirmation before releasing the crypto.
Step 4: The transaction was successful or the counterparty was not responding
In most cases, when everything goes smoothly, the buyer pays and the seller releases the crypto, but what happens if the counterpart was not fair? In other words, the buyer did not transfer the money or the seller did not release the crypto after the buyer made the payment.
In these cases you need to open an appeal, click on the [Appeal] button. Now is when the escrow service comes into play and this is why the crypto was temporarily held.