There are many options for trading cryptocurrencies. Most people use crypto exchanges to buy and sell crypto at a certain price against another cryptocurrency or local currency supported by the platform. However, in the early days of crypto, there weren’t many options for buying and selling crypto. This forced the people interested in buying or selling crypto to meet with other people in person or through online communities to barter their digital assets in exchange for other assets, like cash, vouchers, goods, or other cryptos – this scenario is what we call peer-to-peer (P2P) trading.
While P2P trading remains quite convenient, trading with other users may be risky if no third party exists to organize the transaction on the users’ behalf. P2P trading has been made safer by several online platforms that offer safer options for facilitating transactions. Binance P2P is one of these solutions.https://bit.ly/3w9iTq6) where you can transact with your fellow crypto holders and swap your assets securely and easily.
Binance has developed several strategies to ensure user safety on its platform. The P2P Escrow is one such strategy. It protects both buyers and sellers from being victims to fraud and theft. The escrow does this in two ways – it helps buyers open an appeal if the counterparty defaults in releasing the cryptocurrency after payment; while on the other hand, sellers are also protected by holding the crypto in a temporary deposit within the escrow service until after payment from the counterparty has been verified. The seller is responsible for the return of the cryptocurrency if the payment is not made within a certain time.
Binance users are protected and prevented from losing funds by having rules and guidelines in place. Binance P2P has been updated with new features and rules to ensure that users are safe. Here are some examples:
1. Warning about risk on the Binance P2P Page
A notice was placed on the first time a user opened the P2P page, both mobile and online. This warns users not to release crypto without receiving payment into their accounts. Before proceeding to use the P2P platform, users will need to read and accept the notice.
2. Pinned message in the Binance P2P chatbox
Binance added a pin message to the chat box on Binance P2P. This alerts users to confirm receipt of money to bank accounts before releasing cryptocurrency. You can click on the message to view more details.
3. New rules for buyers regarding ad posting
There are new rules designed to remove all “Bait rate” scammers from the P2P platform. These rules ensure users are thoroughly tested and have only posted trade ads on the P2P platform after they have traded successfully a few times. Please note that this only applies to “Buy ads”. More information on the new ad rules can be found here (https://bit.ly/3watfWZ).
As always, Binance is all about “Freedom of finance” for all their users. This is not all. Binance also wants to promote financial freedom and ensure that users are safe. Follow the user transaction policieshttps://bit.ly/3Cg8mNJ) while using the P2P trading platform. These rules can lead to loss of funds and/or the inability to access your P2P trading account.
Conclusion
As peer-to-peer crypto transactions continue their surge across the continent Binance (https://www.Binance.com/en) remains committed to keeping users safe and preventing bad actors from exploiting the system. Binance provides extensive education and resources regarding P2P best practice through webinars, masterclasses, and other events around the globe. This helps customers to be more secure when trading on its platform. This information can help users to be protected against theft and encourage them to trade with caution.
Distributed by APO Group for Binance
APO has issued this Press Release. APO has issued this Press Release. The content has not been reviewed by African Business’ editorial team. This announcement is solely the responsibility of the issuer.
Source: african.business
