Binance P2P: Important Do’s and Don’ts to Avoid Getting Blacklisted
Main Takeaways
Binance P2P is committed to keeping our users safe.
As such, we hope users follow our guidelines to keep Binance P2P secure, fair, and safe.
Here are some important rules to follow when using our platform.
Follow these guidelines to avoid getting your account banned from Binance P2P.
At Binance, we strive to create a fair and safe environment for all our users. To ensure a better user experience, we have an established set of guidelines to keep the network secure, transparent, and respectful.
Your cooperation will go a long way in keeping Binance P2P a safe and enjoyable platform for all users. Please familiarize yourself with the rules to avoid getting a penalty.
What happens if Binance P2P trading rules are broken?
On Binance P2P, all advertisements are moderated. If a user violates the rules, restrictions are imposed for a specified time or until the reason for the violation has been addressed. For certain actions, there are more severe penalties where you will be blacklisted and unable to use Binance P2P. Familiarize yourself with the full list of rules to avoid accidentally breaking them.
Do’s
1. Always be respectful when communicating with others.
Respectful communication includes using polite language, replying promptly, being open to negotiation, and avoiding insults. If you disagree with the terms of the advertisement, you don’t have to go through with the transaction. There is no need for disrespectful communication.
2. Write advertisement terms in detail.
Sellers should write down all the terms in their advertisements clearly. For instance, if you wish to impose a penalty, state the exact amount that may be incurred if a buyer ignores your terms in the advertisement.
This includes all the requirements you need a buyer to follow in your advertisement. For instance, if you require your buyers to be in a specific country or region, mention that in your advertisement terms.
If your requirements are not stated clearly, and an appeal is raised, the buyer will not be responsible for covering the refund fees.
3. Raise an appeal when necessary.
Sellers should raise an appeal on our platform if they encounter a buyer who is attempting to use third-party payment systems. In these cases, the failed transaction will negatively impact the buyer’s completion rate, not the seller’s.
The Binance team will cancel those orders after the refund is processed and the funds are returned to the sender’s bank account. Binance can also take appropriate actions against buyers who conduct third-party payments when an appeal is raised.
4. Make payment within the given time limit.
Buyers should make payments in one of the payment modes offered by the seller and within the given time limit. Failure to make payment – like forgetting to click “confirm” on the order page – will result in an order being canceled automatically.
5. Use the Binance P2P order chat to talk to counterparties.
To mitigate fraud risks and allow customer service to assist you in the event of an appeal, please avoid using third-party communication channels such as email platforms, text messages, or calls.
6. Verify payment before releasing funds.
Sellers should always verify that payment has been completed before releasing their crypto. Do not trust SMS, emails, or screenshots sent by the buyer that confirm payments, as they may have been altered. Instead, check your account’s transaction history to see if the payment has been recorded.
7. Save all transactions and evidence of your transaction.
Whether you’re a buyer or a seller, remember to save all transaction evidence. For instance, if you require assistance regarding chargeback, you should prepare a proof of the transaction that you can present to the investigation authorities.
You can request a transaction receipt – which includes order details and counterparty’s information – from the Binance CS team via the steps below:
Initiate a chat with the Binance Live Chat Support Team.
Share the relevant Order ID.
Your order receipt will be shared with you.
Don’ts
1. Overcharge buyers during refunds.
Sellers should never overcharge buyers for refunds. Profiting from refunds is a violation of our terms of service and may result in disqualification from our merchant program and your account being suspended or permanently banned from our platform.
An example is charging a percentage of the total transaction order as a refund fee. Almost all banks charge a flat fee for processing refunds – we expect our merchants to do the same.
This also applies to charging a percentage of the total order as a refund processing fee. While some merchants include this extra fee to discourage buyers who are unwilling to verify their identity after placing their order, this still violates our terms of service.
Our tools and employees constantly monitor online advertisements, and if caught breaking our terms, your account may be suspended or banned. Binance will review all reports made by buyers and take appropriate action against merchants who try to profit from the refund process.
2. Use the wrong payment method.
Sellers should ensure they use a payment method specified in the advertisement. You risk losing the assets if you do not use the same bank account mentioned in your advertisement as a seller. On the other hand, buyers will not be responsible for covering fees related to refunds. Using the wrong payment method also violates our terms of service. If you’re currently a P2P merchant, doing so may result in disqualification from our merchant program, account suspension, or a permanent account ban.
3. Make an inappropriate appeal.
During an appeal process, a seller’s assets involved in the particular transaction will be frozen to ensure fairness. However, some users – typically sellers – have intentionally abused this protocol to freeze their competitor’s assets. If a user is found to exploit the system or harm another user through inappropriate appeals, we will not hesitate to take action.
If we find that a user repeatedly opens transactions without completing payment, has a history of making inappropriate appeals, or requests price changes from the seller, the account may be suspended or even permanently banned from Binance P2P.
4. Use insults or profanities.
We do not tolerate any form of disrespect on the platform. Do not use abusive language, including but not limited to offensive remarks, profanity, and slurs.
5. Transfer assets to a buyer before payment is complete.
Buyers must not request an early release of assets – this will be regarded as fraud, and you will be permanently banned from using Binance P2P.
Likewise, sellers must not transfer assets to a buyer before payment is successful under any circumstances.
Get Started On Binance P2P Today
Remember these guidelines to ensure a smooth and secure user experience on our platform. Now that you’re familiar with the do’s and don’ts of Binance P2P, you’re ready to start trading with us! Simply sign up for a Binance account and complete the identity verification process today.
Further Reading
(Blog) Intro to Peer-to-Peer Trading: What is P2P Trading and How Does a Local Bitcoin Exchange Work?
(Blog) Get Your Binance P2P Ads to Appear Among Top Ad Search Results
Disclaimer: Your use of Binance P2P services and all information and other content (including that of third parties) included in or accessible from Binance P2P services is at your sole risk. Our only responsibility is to handle crypto transactions. All payments are final upon completion unless otherwise required by law. The Binance P2P platform has neither the right nor obligation to resolve any disputes arising from a completed payment. Neither the Binance P2P platform nor its merchants shall be responsible for any loss after a completed payment.