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Binance P2P monitors the security of users.
That's why we've created guidelines to ensure reliable, fair, and secure trading on Binance P2P.
Below are the basic rules that must be followed when using our platform.
Follow these guidelines to avoid account suspension on Binance P2P.
The Binance platform is committed to maintaining a fair and secure environment for all users. To achieve this, we have formulated a number of rules to ensure security, transparency and mutual respect online.
Compliance with these rules helps protect Binance P2P users. Please review the points below to avoid any restrictions.
What happens if you break the rules of trading on Binance P2P
All listings on Binance P2P are thoroughly vetted. If a user violates the rules, his account is limited for some time or until the cause of the violation is eliminated. Certain actions carry more severe penalties, including blacklisting the user and further banning them from using Binance P2P. Read our guide to make sure you don't accidentally break the platform's rules.
What to do
1. Always show respect when communicating with other users.
Chat politely, respond to messages in a timely manner, be open to negotiations, and do not insult other users. If you do not agree to the terms of the ad, simply do not complete the transaction. Don't be rude to its author.
2. Write down the conditions in the ad in as much detail as possible.
Sellers must clearly state all terms and conditions in their advertisements. For example, if you want to impose a fine, indicate the exact amount of the penalty in case the buyer violates the terms of the ad.
List all the requirements that your potential buyer must meet. For example, if you want to make a deal with a resident of a certain country or region, indicate this in the terms of the ad.
If you initially neglected to clearly state the terms in the ad, then in the event of an appeal, the buyer will not be required to cover the return fee.
3. File an appeal if necessary.
Sellers are encouraged to file appeals on our platform if a buyer attempts to use third-party payment processors. In this case, a failed transaction will negatively impact the buyer's completion rate, not the seller's.
The Binance team will cancel the trade orders once the refund has been processed and the funds have been received in the sender's bank account. Also, after receiving an appeal, Binance may take action against buyers who make payments through third-party services.
4. Make payments within the specified period.
Buyers must pay using one of the methods proposed by the seller and within the specified period. If the buyer does not pay (for example, if he forgets to click the "Confirm" button on the order page), the order will be automatically canceled.
5. Use the Binance P2P order chat to communicate with counterparties.
To reduce the risk of fraud and improve the efficiency of your support team in the event of an appeal, please avoid discussing transactions through any third-party communication channels, including email, SMS or telephone.
6. Check receipt of payment before sending funds.
Merchants should always verify receipt of payment before sending their cryptocurrency. Do not trust SMS, emails or payment screenshots sent by the buyer. They may turn out to be fake. Please check your transaction history yourself to ensure you have received funds.
7. Keep all transactions and evidence of your transaction.
Both buyers and sellers should retain all evidence of the transaction. If you require assistance with a refund, you will be required to provide proof of the transaction to the relevant authorities.
Request a receipt of the completed transaction indicating the order details and counterparty information. The receipt can be obtained from Binance support as follows:
Start an online chat with Binance support.
Please provide the corresponding order identifier (ID).
Customer support will send you a receipt.
What not to do
1. Inflate prices when returning money to customers.
Sellers should not overcharge customers for refunds. Attempting to profit from a return process is a violation of our terms of use. For this, we may disqualify the user from the merchant program, as well as limit or permanently block his account on the platform.
For example, the refund fee should not be a percentage of the total transaction amount. Almost all banks charge a fixed fee for processing returns, and we expect the same from merchants.
It is also prohibited to charge a percentage of the total order amount as a refund processing fee. Although some merchants specifically include additional fees to discourage buyers without identity verification, this still violates our terms of use.
Our staff uses advanced tools to track listings. If you are found to be violating the terms of the platform, your account may be limited or blocked. Binance reviews all customer reports and takes appropriate action against merchants who try to profit from chargebacks.
2. Use the wrong payment method.
Sellers must ensure they use the payment method specified in the listing. You risk losing your assets if you use a different bank account than the one listed in the advertisement. In this case, buyers will not be responsible for covering the fees associated with the refund. Using an incorrect payment method also violates our terms of use. This may result in P2P merchants being disqualified from our merchant program and their account may be restricted or permanently suspended.
3. File an inappropriate appeal.
During the appeal, we freeze the seller's assets involved in a specific transaction. This is necessary to ensure fairness. However, some users (usually sellers) deliberately abuse this condition to freeze the assets of a competitor. If we determine that a user is exploiting the system for his own benefit or harming another user through frivolous appeals, we will take immediate action.
If we find that a user repeatedly opens transactions without completing payment, makes many inappropriate appeals, or requests a price change from the seller, then their Binance P2P account may be limited or even permanently suspended.
4. Insult or use profanity.
We do not tolerate any form of disrespect on the platform. Do not use vulgar language, including but not limited to any derogatory remarks, profanity, or direct insults.
5. Transfer assets to the buyer before completion of payment.
Buyers should not require early delivery of assets. We consider these actions to be fraudulent and will permanently ban such buyers from Binance P2P.
Sellers should under no circumstances ship assets to the buyer before receiving payment.
Start trading on Binance P2P today
Please follow these guidelines to ensure that trading on our platform is stable and safe for all users. You are now familiar with the Binance P2P rules and are ready to start trading! Simply register on Binance and complete identity verification today.
Additional Information
(Blog) Introduction to P2P trading: what is peer-to-peer trading and how does a local Bitcoin exchange work?
(Blog) How to raise an ad in search on Binance P2P
(Support) How to Buy Cryptocurrency on P2P Platform on Binance App
(Support) How to Sell Cryptocurrency on P2P Platform on Binance App
Denial of responsibility. Your use of the Binance P2P Services and all information and other content (including third parties) included on or available on the Binance P2P Platform is at your own risk. Our responsibility is limited to processing cryptocurrency transactions. All payments are final upon completion unless otherwise required by law. Binance P2P Platform has neither the right nor the obligation to resolve any disputes arising in connection with a completed payment. Neither the Binance P2P platform nor the merchants are responsible for any losses incurred as a result of the payment made.