P2P (peer-to-peer) trading operations on Binance are a direct and convenient way to buy and sell cryptocurrencies between users.
However, errors can sometimes occur, such as transferring more money than agreed during a transaction. In this article, I explain what happens in these cases, how Binance acts, and what steps you can take to recover the surplus.
What happens if you transfer excess money?
In a P2P operation, when a buyer transfers excess money to the seller, and the latter releases the cryptocurrencies by closing the order, the transaction is considered technically completed.
However, this error does not mean that the buyer automatically loses the surplus. Binance, as an intermediary, offers an appeal system designed to handle these cases fairly.
The appeal process on Binance
Contact the seller directly
Once you notice the error, the first step is to try to communicate with the seller through the transaction chat on Binance.
You can explain the situation and request a refund of the surplus, either in cryptocurrencies or fiat money.
Open an appeal
If the seller does not respond or refuses to cooperate, you can open an appeal within Binance. This process activates the intervention of the platform's support team.
Provide evidence
During the appeal, it is crucial to present clear evidence of the error. This includes screenshots of the bank transfer, videos showing the details of your account compared to the purchase amount, the total amount transferred, and any communication with the seller.
Review by Binance
The support team will review the evidence presented by both the buyer and the seller.
Binance will evaluate the legitimacy of the claim and ensure that the platform's policies are upheld.
Resolution
If Binance determines that the surplus was indeed an error, it will ask the seller to return the excess money transferred.
Depending on the circumstances, the reimbursement may be made in cryptocurrencies or fiat money, according to the agreement between the parties.
What happens if the seller does not cooperate?
If the seller refuses to return the surplus, Binance may take additional measures:
Temporary blocking of the seller's account: In extreme cases, Binance may temporarily suspend the seller's account until the issue is resolved.
Disqualification from the P2P Program: If the seller repeatedly violates policies, they may be excluded from P2P trading on the platform.
Recommendations to avoid problems
Verify the amount before transferring: Before making a transfer, ensure that the amount matches exactly with what is indicated in the Binance order.
Maintain Clear Communication: Use the Binance chat to communicate any issues with the seller before completing the transaction.
Keep payment proof: Save screenshots and receipts of all transfers made. This evidence is essential in case of an appeal.
Trade with trusted users: Ideally, review the rating and history of the seller on Binance P2P before starting a transaction.
Errors can occur in any transaction, and Binance offers mechanisms to protect both buyers and sellers.
If you transfer excess money during a P2P arbitration, the platform allows you to open an appeal and seek a fair solution.
The key is to act quickly, maintain clear communication, and provide solid evidence to resolve the issue efficiently.
This reinforces trust in Binance as a safe space for cryptocurrency trading.
