In Pakistan, a growing number of people have faced a major issue on Binance, with their accounts getting blocked after being involved in three P2P forward disputes. These disputes didn't stem from buyer complaints but were triggered when the buyers' accounts were blocked, creating a ripple effect.
Here’s what was common in these disputes:
Buyers conducted transactions outside of Binance.
They received payments from third parties.
Bought USDT from sellers.
Sold USDT at a higher rate elsewhere.
In each case, the buyers were new and negotiated deals outside Binance, without verifying the source of funds. They received payments from third parties, purchased USDT, and resold it without securing proof of the source or legitimacy of the funds. When the original senders of the funds filed fraud complaints, the buyers' accounts were blocked, which eventually led to the blockage of several other accounts.
In one instance, the dispute was resolved when the buyer settled with the original sender, and the payment was credited back to the account. However, in the other two cases, the buyers didn't settle, forcing many to reverse the payments involved in the disputed transactions.
Binance has strong security protocols for merchants, but many users attempt to buy USDT on Binance P2P and sell it elsewhere. To safeguard your transactions on Binance P2P, many are now requesting a video statement and the buyer's mobile number as proof, instead of relying solely on the CNIC. A video statement offers better evidence of a legitimate transaction.
Others take extra precautions by recording a video of their transaction history from the last 24 hours. If they receive payment, they ask for the CNIC of the person sending the funds or cancel the trade altogether.
These steps are essential for avoiding disputes and ensuring secure transactions. By staying vigilant and collecting proper evidence, you can protect your Binance P2P account from complications like those many have experienced.
Stay safe, and always verify your transactions!