Binance P2P in Africa - Our commitment to keeping you safe
As peer-to-peer crypto transactions continue to surge across the continent, we remain committed to keeping our users safe and preventing bad actors from exploiting the system.
After initially limiting P2P trading to only verified merchants, we opened up the platform, allowing anyone to post ads with an aim to give users even more freedom in trading. Rules and guidelines were put in place from the onset to protect users on the platform and prevent them from losing funds. However, we saw that a lot of users ignored these rules which led to some of them losing funds on the Binance P2P platform.As a result, we have implemented new features and rules on Binance P2P to help keep our users safe.Here are some of the new features and rules we have added:
1. Risk warning on the Binance P2P page
We added a notice the first time a user opens the P2P page on both mobile and web. This informs users to never release crypto before receiving payment into their accounts. Users then need to read and agree to the notice before proceeding to use the P2P platform.
2. Pinned message on the Binance P2P chatbox
We added a pinned message to the chatbox on Binance P2P which alerts users to always confirm receipt of money to their bank accounts before releasing crypto. Users can expand on the message to see more details.
3. New ad posting rules for buyers
We added new rules designed to remove all “Bait rate” scammers from the P2P platform. These rules ensure that users are well tested and have traded successfully a couple of times with a high completion rate of above 80% before they can post trade ads on the platform. Please note that this only applies to “Buy ads”.Find more details about the new ad rules here
As always, Binance is all about “Freedom of finance” for all our users. But as we promote financial freedom, we also want to make sure that our users stay safe. We will continue to add new features and rules regularly to keep up with the adaptive nature of P2P trading. As always, please follow our user transaction policies while using the P2P trading platform. Failure to follow these rules might result in loss of funds or losing access to your P2P trading account.