In Pakistan, many people have encountered a common issue on Binance, where their accounts were blocked due to three P2P forward disputes. These disputes didn't arise from buyer complaints but because the buyers' accounts were blocked, leading to a domino effect.
The common factors in these disputes were:
- Buyers engaged in deals outside of Binance
- Received payments from others
- Bought USDT from sellers
- Sold it at a higher rate elsewhere
In all three cases, the buyers were new and made transactions outside of Binance. They negotiated deals, received money from third parties, purchased USDT, and sold it without securing proof or sources of funds from those they transacted with.
Later, the original senders of the funds filed fraud complaints against the buyers, resulting in the buyers' accounts being blocked and subsequently many people's accounts as well.
In one dispute, after investigation, the payment was credited to the account as one buyer settled with the sender. However, in the remaining two cases, the buyers didn't settle, and many people had to reverse the payments for the disputed transactions.
Binance implements robust security measures for merchants, but many users try to buy USDT from Binance and sell it outside the platform. To ensure safer transactions when selling on Binance P2P, many people obtain a video statement and the buyer's mobile number. The CNIC is less valuable in these cases. A video statement provides more substantial evidence of a legitimate transaction.
Alternatively, many people record a video of their transaction history from the last 24 hours. If the payment is received in their account, they request the CNIC of the person who sent the funds or cancel the trade.
This approach is safer and helps avoid disputes. Taking these precautions will help protect many people's accounts and ensure more secure transactions on Binance P2P. It is crucial to stay vigilant and ensure all necessary evidence is collected to avoid the complications many people experienced.

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