Binance CEO Richard Teng Issues Essential P2P Security Tips: Details
Binance CEO urges P2P users to verify trades, avoid scams, and use in-app tools to remain safe as fraud threats increase with platform growth. Binance P2P trading is gaining popularity among users seeking versatile payment methods and low trading costs. As the user base expands, so do the associated risks. CEO Richard Teng has highlighted crucial safety measures for users on the platform.
One of the key points emphasized by Teng is the importance of thorough verification before engaging in any trade on Binance P2P. It was noted that on the platform, anyone can post offers, and not all of them are legitimate. Some listings advertise crypto at prices significantly below market rates. When utilizing P2P trading, it is essential to keep communication within the platform, adhere to guidelines, and stay informed. This serves as a fundamental layer of defense.
Scammers often exploit these offers to entice unsuspecting buyers and devise ways to defraud them. Prior to initiating trades, users are advised to review the seller’s profile, paying attention to the number of completed transactions, user feedback, and overall ratings. Merchants with a history of numerous transactions and high ratings are generally deemed more trustworthy.
Teng also emphasized the importance of refraining from clicking on external links or sharing personal information outside the Binance platform. Users should be vigilant against fabricated payment proofs, as malicious actors may send altered screenshots or false messages to persuade users to release funds. Binance employs an escrow system, holding the seller’s crypto until payment verification is completed. Users should refrain from releasing funds until they have confirmed full receipt of the payment.
Additionally, it is crucial to exercise caution even if a message appears to originate from Binance support. Users should always verify payments through the official banking app, disregarding screenshots or email notifications. Notably, the recent security accreditation obtained by Binance’s Japanese division for ISO/IEC 27001 and ISO/IEC 27701 underscores the platform’s commitment to the highest security standards.
Richard Teng underscored the significance of maintaining all communication and payment activities within Binance P2P to ensure safety. Once a transaction diverts from the platform, Binance’s ability to intervene diminishes, making fraud detection and resolution more challenging. Avoiding off-platform conversations and verifying payments exclusively through the platform are essential practices to safeguard against scams.
Godfrey Benjamin is a blockchain enthusiast and journalist who enjoys exploring the practical applications of blockchain technology. His dedication to educating individuals about cryptocurrencies motivates his contributions to leading blockchain media and websites.
