Buy and sell crypto safely with Binance P2P's Escrow Service. Find out more ⤵️
An escrow service is an arrangement in which a trusted third party handles the exchange of goods or assets between the transacting parties, ensuring safety and fair trading. Binance P2P is a peer-to-peer trading market where you can safely trade crypto in exchange for your local currency.Once the buyer places an order, the seller’s cryptocurrency will automatically be transferred from the seller’s wallet to the temporary deposit with Binance P2P’s escrow service.
Imagine that you want to buy cryptocurrency and you find an offer at a competitive price but the seller seems new to the platform, with zero completed orders. How can you be sure that the seller will transfer the cryptocurrency to your wallet? The escrow service aims to solve this type of situation, by holding the cryptocurrency in a deposit. When there is no agreement and the counterpart opens an appeal, Binance’s customer service will analyze both the buyer's and the seller's stories. If the buyer wins the appeal, the cryptocurrency will be released to his wallet. However, if he loses the appeal, the cryptocurrency will go to the seller’s wallet.
While the cryptocurrency is in the deposit, users can trade safely without the risk of losing money. Whatever amount of money you trade, all amounts are important toWhat happens if, after making the payment, the seller does not answer and does not release the cryptocurrency? The buyer can file an appeal if the seller is not responding to chat messages or not releasing the cryptocurrency. Our customer support team will evaluate the situation, contact both the parties, and release the crypto to the fair party.Our customer service works 24/7. The funds will be unblocked as soon as the dispute between the parties is resolved and this depends on the complexity of each case and the verification of the evidence provided by both parties.
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