Binance P2P Expands Risk Management Roadmap as Part of User Protection Initiative
Binance is always looking for new ways to protect users. We take our responsibility seriously when it comes to providing a safe and secure crypto trading experience for users. As part of our ongoing commitment to user protection, we’re expanding our robust risk management measures and security features.
At Binance, we’re focused on delivering more inclusive crypto access to users around the world. Binance P2P, our peer-to-peer cryptocurrency platform, is designed to be secure, convenient and accessible—even to financially underserved communities and individuals without access to traditional financial tools and services. Users can easily buy, sell and trade crypto directly with other users, while setting their preferred prices and payment methods in an open crypto marketplace. This “choose how you trade” approach has made Binance P2P one of the easiest and most attractive platforms for those who are just starting their crypto journey.
During the first half of 2021, Binance P2P welcomed more users than ever, growing by 10X to more than 1M active users on a weekly basis. We take our responsibility seriously when it comes to making sure that all our users have a safe and secure experience. By securing our platform with industry-leading security measures and proactively launching user-education initiatives to maximize awareness of best practices, we hope to welcome even more users to the world of crypto.
New Risk Management Measures on Binance P2P
Binance P2P takes a ground-up approach to protecting users on the platform. We strive to uphold our best-in-class security standards, by integrating advanced risk management and security measures directly into our platform. Here’s a few of the recent actions we took to build an even safer environment for users:
Added new requirements to buy and sell advertisements on Binance P2P, which has reduced low-quality, inactive or unreliable advertisements by 99%.
Upgraded our order-matching logic to ensure users trade with trusted traders and verified merchants.
Implemented a “T+1” withdrawal limit in select markets to protect user funds and reduce risk.
Optimized our risk management algorithms to actively monitor suspicious actively on the platform, and limit the trading activities of potential bad actors.
User Education Initiatives on Binance P2P
In addition to new risk management measures, we’ve continued our efforts to create an extensive library of educational content, hosting more than 20 P2P webinars across global communities. See more of our P2P security tips below:
Binance P2P: 11 Security Tips to Trade Safely
Binance P2P: Stay SAFU When You Trade
In addition to platform level security measures, users can do their part to practice safe habits and avoid security errors. We welcome Binance P2P users to actively report suspicious users to us via our Customer Support channels, preventing bad actors from using our platform. For any P2P-specific inquiries, users can contact us at firstname.lastname@example.org.
Trade with Verified Merchants on Binance P2P
To date, we have on-boarded nearly 7,000 verified P2P merchants worldwide, from a selection of over 100,000 applicants. Verified P2P merchants must have a proven track record when it comes to P2P trading, in addition to a reliable source of funds.
We recommend beginners conduct trades only with verified merchants. You can recognize verified merchants from the Binance-yellow checkmark next to their merchant nickname.
We hope this information helps you trade safely on Binance P2P. Click the banner below to get started.