One time I sold crypto on Binance P2P. The buyer said they had transferred the money and sent a screenshot showing the successful transaction. At first, it looked like everything was almost done, but when I opened my banking app to check, the funds still hadn’t appeared in my account. I stopped there instead of clicking Release, because at that point one question became pretty clear: if the buyer already said “transferred,” then what exactly is it that I need to confirm before releasing the crypto for real?
So I tried to go through a simple transaction in reverse. The buyer makes the payment using the method agreed on, then the seller checks the amount they received. Binance’s documentation states clearly: only after the seller confirms that the money has arrived will the seller release the crypto from escrow.
I wanted to understand why this confirmation step is placed on the seller’s side.
When I read the Merchant Guidelines, I saw that Binance also requires the name on the payment account to match the name verified on the platform. If the counterparty’s bank account information doesn’t match the verified name, Binance requires that the seller not release the crypto; the seller can refund and report the transaction.
Only then did I realize I had been viewing P2P a bit too simply. Escrow holds the crypto during the transaction, but confirming that the payment was actually received is still a separate step in the process.
Hold on—this doesn’t mean Binance can prevent every payment risk. The documentation only shows that the responsibility to verify the funds and the payer’s information still exists before release.
Maybe “Release” isn’t the action that confirms the money has arrived, but rather the step that happens after confirmation.
So please check everything carefully before you release.
#binancep2pantoan @Binance Vietnam $BTC
So I tried to go through a simple transaction in reverse. The buyer makes the payment using the method agreed on, then the seller checks the amount they received. Binance’s documentation states clearly: only after the seller confirms that the money has arrived will the seller release the crypto from escrow.
I wanted to understand why this confirmation step is placed on the seller’s side.
When I read the Merchant Guidelines, I saw that Binance also requires the name on the payment account to match the name verified on the platform. If the counterparty’s bank account information doesn’t match the verified name, Binance requires that the seller not release the crypto; the seller can refund and report the transaction.
Only then did I realize I had been viewing P2P a bit too simply. Escrow holds the crypto during the transaction, but confirming that the payment was actually received is still a separate step in the process.
Hold on—this doesn’t mean Binance can prevent every payment risk. The documentation only shows that the responsibility to verify the funds and the payer’s information still exists before release.
Maybe “Release” isn’t the action that confirms the money has arrived, but rather the step that happens after confirmation.
So please check everything carefully before you release.
#binancep2pantoan @Binance Vietnam $BTC
