P2P transactions on Binance are not always smooth, you may encounter situations arising like scams. So if you encounter that problem, how should you handle it to ensure a safe Binance P2P transaction?
Binance P2P is a fast trading channel and widely used in the Crypto market. This trading system helps buyers and sellers easily exchange with each other through a reputable intermediary. However, P2P still has certain loopholes or problems that make many users and traders face difficulties recently. Let's review some issues encountered when buying and selling crypto on Binance P2P and important notes to have the best experience.
Some cases arise in Binance P2P transactions and how to resolve them
Here are common complaint cases from Vietnamese users:
Case 1: The buyer has paid but forgot to click the 'Paid' button
The buyer has paid but forgot to click the Paid button, the transaction was canceled by the system due to exceeding the time limit.
Solution: First, you need to calm down to handle the issue. Immediately notify the seller in the chatbox, provide proof of money transfer, and request a refund.
In cases where the seller does not respond, find the current advertisement of the seller and place a new order equivalent (for example, if you initially transferred 5 million VND, then you should also choose to buy with a value of 5 million VND). When the transaction is placed, do not transfer money to the seller but click on Paid, then notify them that you have re-placed for the canceled old transaction and attach proof of transfer. This will help the seller review and confirm for you quickly.
If you cannot find this seller, immediately contact the support department of Binance.
Case 2: The transaction processing time has expired but the seller still has not returned the coin.
The buyer has successfully transferred money and the transaction processing time has expired, but the seller still has not returned the coin.
Solution: Contact the seller by messaging through the chatbox and providing proof of money transfer, or you can call the seller directly to request the return of the coin.
If the seller deliberately does not return the coin, click on Complaint and contact Binance P2P support to resolve it.
Case 3: Mistakenly writing content related to crypto like 'buy USDT, BTC...'
The buyer successfully transferred the money but 'accidentally' wrote a content related to crypto like 'buy USDT, BTC...' so the partner delayed the release of coins or fined money.
Solution: Such transfer contents are completely prohibited because Vietnamese law does not yet permit the use of Crypto as a means of payment. In this case, try to negotiate with the partner, striving to reach an agreement from both sides.
Case 4: Money laundering through P2P
Recently, we have encountered many cases of money laundering through P2P. Some scammers exploit merchants in P2P trading on Binance as intermediaries to launder money. How to avoid these cases?
Solution:
Always ensure that the payment received from the buyer comes from the owner's account before releasing the asset.
Trade with partners who have a good trading history, based on the number of completed orders, order completion rate, and many positive feedbacks from previous buyers and sellers...
When posting advertisements, you can set it up so that only qualified partners can trade with you. For example, if you set a requirement when trading with a large amount (over 50 million VND for example), a video call is required to clearly verify the buyer.
Carefully check the information of the partner as well as their terms and conditions. You can check the partner's background on social media, relationships to see if there are any suspicious signs.
As you can see in the chart above, the Binance exchange is exploited by many parties to launder money, so you need to be careful to avoid getting into trouble.
Case 5: Encountering a party trading with dirty money and the bank freezing the account
P2P transactions on Binance encounter parties trading with dirty money/laundering, leading to the bank freezing accounts and not knowing when they will be opened, only knowing when the investigating agency sends a notice to unlock the card.
Solution: This is a very sensitive case and there is no best resolution plan. In this case, if you want to be safe, you can withdraw all cash and then send it to another bank account after the transaction is completed.
If the authorities have frozen the account, it is highly likely you will have to wait for a period. You can also submit a complaint if you can prove that you are not involved in the previous money laundering transaction.
According to the provisions of Clause 4, Article 17 of Circular 23/2014/TT-NHNN and Article 129 of the Criminal Procedure Code 2015, if the authorities cannot prove the act of violation, they must terminate the case and open the relevant accounts.
Case 6:
There are some P2P traders on Binance where the buying price is higher than others along with a small trading limit. When a seller chooses, they will receive an automated response message charging 10,000 VND as a transaction fee. If the seller does not agree, they will not cancel the transaction but must wait for 30 minutes for the transaction to self-cancel, wasting a lot of time. Is there a way to handle these transactions?
Solution: The behavior of notifying and charging transfer fees in transactions violates P2P regulations. In this case, the first thing to do is to inform the buyer that you do not agree with such fees and request the buyer to cancel the order. After that, contact the P2P trading support department on Binance, providing the order ID for resolution.
Case 7: The transfer content does not match the seller's initial request
The buyer writes the transfer content incorrectly compared to the seller's initial request (for example, if they request to write the order number but write 'A transfers money to B'...), so the seller requires a certain amount of money to be resolved.
Solution: Negotiate with the seller. Absolutely do not transfer more money, if they still do not agree, open a complaint and contact Binance's support department for resolution. But you still need to follow the seller's instructions correctly to avoid issues.
If you are asked to pay an additional fee to release the coin, you absolutely must not comply.
In case you need to complain to the exchange regarding the buying/selling transaction, what should you do? This article details the complaint process when trading P2P on Binance, you should read through to always be proactive in case you need support: Binance P2P complaint process.
Notes for safe trading on Binance P2P
For buyers
Enter the correct order code in the transfer content (the entire code or the last 4 digits).
Do not write virtual currency, USDT, Bitcoin... in the transfer content.
Carefully read the payment method, conditions, and terms required by the partner before proceeding with the transaction.
If unclear, or if the amount is large, discuss and agree with the seller before making payment.
Once payment has been made, immediately click on the Paid button to avoid unnecessary issues.
Notify the seller that you have made the payment and wait for the seller to confirm.
Some information you need to note before making P2P payments/trades on Binance
For sellers
Make sure you choose a trusted partner (merchant or user), with a high completion rate and many transactions.
To find a suitable partner, you can enter the desired amount in the search bar/button for quicker results.
Pay attention to the transaction time of the advertisement to avoid self-cancellation when the time runs out.
If unclear, or if the amount is large, discuss and agree with the buyer before making a transfer.
When receiving money, check the information to see if it matches the transaction amount.
If everything is fine, click confirm to release the coin/token.
Some other notes
Always choose reputable sellers/buyers, rated well through some criteria as shown below:
Criteria to help you assess the reliability of P2P traders on Binance.
Transaction principle: When the seller lists for sale, they must have money ready on the exchange. When you trade through Binance P2P, the money you buy will be locked by the exchange according to the transaction you are performing until you receive the payment. If you finish transferring and the seller does not transfer the money, you can click to complain to report to the exchange.
Pay attention to advertisements with unusual trading prices. Unusual advertisements are commonly those that offer a purchase price much higher than the current market price. Scammers intentionally bait victims to click on the advertisement by posting an unrealistic price. Users need to be cautious and not click on suspicious advertisements.
Be careful with users who have never had a successful transaction, or have a very low transaction completion rate.
For sellers, always check the bank account to ensure that you have received full payment for the transaction, DO NOT release the cryptocurrency until you have received the money in your account. For buyers, ensure that the bank account of the recipient matches the name of the partner you are trading with.
Carefully consider transferring money to bank accounts where the account holder's name is not in the normal format. For example, 'DUONG VANPHONG' without a space, 'DUONG VAN PHONG' is in the wrong format, while the standard format should be 'DUONG VAN PHONG'. Some accounts registered with Binance may have errors in the name, this is not too concerning. However, if you complain about a problematic transaction where the account name does not match even if it's just a space, the exchange may not resolve it for you.
In the opposite case, you should also check the name information in your P2P transaction on Binance because sometimes the exchange may record your information incorrectly. If there is a name error, contact Binance's support department, and they will correct the name accurately within 2-5 working days.
Be careful with cases where names are not in the correct format to ensure the safety of Binance P2P transactions.
Check the bank's maintenance status, usually on weekends or holidays. The bank will usually freeze orders during maintenance, and the seller on Binance P2P may cancel the order when encountering this situation. If negotiations with the seller fail and the bank releases the order after freezing, you will lose money.
Some other forms of scams on Binance P2P you need to know.
Faking money transfer receipt images.
In this case, the scammer is the one buying cryptocurrencies from you. After the transaction is matched, the scammer will mark 'Paid' and send you a fake money transfer receipt. The fake receipt looks very similar to the real one.
The scammer will convince the victim that they have successfully transferred money and request the victim to unlock. The reasons they use include: the network is congested, interbank transfer so the money arrives late... If the user carelessly does not check the bank account and accidentally confirms, the asset will be released to the scammer.
What do you need to do to protect your assets?
First and foremost, users must always check their bank account balance. If your bank's system has not or does not recognize the money from the buyer, absolutely do not release the cryptocurrency asset.
Pay attention to the money transfer receipt. If you notice something wrong such as incorrect transaction time information, non-standard format, unclear images... then chances are you are trading P2P on Binance with a scammer.
Transferred insufficient money
The scammer poses as the buyer of cryptocurrencies from you when trading P2P on Binance. The scammer's trick is to create a purchase advertisement with a fixed amount or choose to buy from another advertisement with a fixed amount. The party will place a buy order, for example, with the amount of 29,999,999 VND. However, in reality, the party only pays you 29,999 VND. The two similar amounts can easily confuse you, so you need to be very alert when trading.
Not only P2P but the entire Crypto market is a tempting target for bad actors, so investors must equip themselves with knowledge to avoid falling into traps.
Impersonating staff of the P2P exchange on Binance.
Scammers impersonating P2P exchange staff on Binance often contact partners through Telegram, Zalo, Whatsapp... instead of directly on the Binance exchange and trick the buyer into canceling the order, then take their money.
Scams on the Binance platform are sophisticated and this is not all of it. You need to know that scammers have many more tricks. To uncover all these tricks, be aware of 8 types of scams in Crypto to enhance your awareness of protecting personal assets.
In the Crypto market, there are many opportunities, but the risk of scams is equally high. I believe that the notes in this article not only help you trade safely on Binance P2P but can also be applied to many other exchanges. The most important thing to avoid being scammed or getting into trouble is still the awareness and knowledge of the investor.