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- Binance takes several measures to ensure the safety of P2P transactions and protect users from scams:
- 1. Crypto Escrow Service: Binance P2P uses an escrow service to hold funds during transactions. When a seller posts an ad, the amount is automatically reserved from their Funding Wallet. If the seller takes your money without completing the trade, Binance's customer support can release the crypto to you from the reserved funds.
- 2. Risk Alerts: Binance P2P provides personalized risk alerts to users. These alerts notify users about potential risks or suspicious activities tailored to their trading habits, helping them make informed decisions.
- 3. Merchant Verification: Binance verifies merchants on the P2P platform to ensure their credibility. This helps build trust between buyers and sellers.
- 4. Customer Support: Binance offers 24/7 customer support to assist users with any issues or concerns related to P2P transactions.
- 5. KYC and AML Compliance: Users must comply with Binance's Know-Your-Customer (KYC) and Anti-Money Laundering (AML) policies. This includes real-name verification and ensuring that accounts are legally registered.
- These measures help create a secure trading environment and minimize the risk of scams on the Binance P2P platform.
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