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P2P Security and Compliance
A guide to preventing Bank Accounts from being frozen in P2P transactions
Binance
2020-09-09 10:32
Recently, Binance P2P has observed that because some buyers were involved in “fraud” cases on other platforms, the bank accounts of the sellers they traded with on our platform were frozen. The buyer transfers the cryptocurrency to other platforms after depositing funds through Binance P2P, and reports to the relevant authorities after being scammed, implicating the seller who initially traded honestly on Binance P2P.
We suggest that sellers can take the following actions to prevent such incidents, or promote the rapid handling of incidents:
  • After the seller takes an order, he asks the buyer for additional identity verification documents, including phone number, through Chat. If the buyer refuses to provide, you have the right to ask the other party to cancel, or appeal after receiving the money, and the customer service team will intervene to negotiate a refund.
  • During the transaction, explain to the buyer the danger of trading cryptocurrencies into other non-mainstream platforms. Make a disclaimer.
  • If you are accidentally implicated, please contact the service bank promptly, locate the buyer, and send an email to p2p@binance.com to explain the situation and attach evidence.
  • Please actively contact relevant authorities to provide evidence and provide transaction proof records and chat records with all counterparties when necessary. If necessary, consult with legal professionals around you to seek more legal guidance.
In addition, in daily transactions, please pay attention to the following points:
  • Choose a Bank Account dedicated to P2P transactions and use it separate from Bank Accounts for daily transactions, avoid transfers from your salary to the account, etc.
  • Try to avoid frequent small transactions. Reduce the frequency of transactions and increase the amount of your transactions
  • Leave messages carefully and keep a low profile
  • Avoid using cryptocurrency-related words in the reference/notes to other parties during payment

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