How to Prevent My Bank Account from Being Frozen in P2P Transactions

Updated on 8 Nov 2023

Several Binance P2P sellers reported that their bank accounts were frozen after trading with certain buyers. These buyers purchased crypto on Binance P2P to trade on other platforms and were scammed. When they reported it to local authorities, both the scammers' and the innocent Binance P2P sellers' accounts were frozen.

As a Binance P2P seller, you can take the following precautionary measures to protect yourself:

• Use a separate bank account for P2P transactions.
• Avoid any mention of cryptocurrency or related phases in the payment reference/notes.
• Avoid accepting third-party payments, especially from new users with no trading records.
• Always use the P2P chat function to contact the counterparty. Do not engage if they provide account details other than the one displayed on the order, or ask to trade at a cheaper rate.
• Be wary of multiple large transactions with the same user or systematic transactions.

Note: Verified buyers should not have to provide additional identity verification documents in P2P chat to have their orders completed, or comply with the merchant’s additional verification requirements. Binance would request for additional identity verification documents from users if required.

If your bank account is frozen, please contact your bank immediately. You should also proactively work with local authorities to provide evidence and transaction records with the P2P buyer. Consult legal advice if necessary.

If you cannot contact the buyer, contact customer service for assistance. Please provide screenshots and information related to the P2P order.

Risk Warning: Digital asset prices can be volatile. These fluctuations may affect the value of digital assets you buy or sell on the Binance P2P platform, which may be lower or higher at the time of and after completion of the transaction. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. By using the Binance P2P platform you trade digital assets directly with other users. Binance facilitates transactions by releasing the digital assets once the offline fiat currency exchange is confirmed by both parties. The trading amount, price and conditions of each advertisement are set by the user publishing it. All payments are final upon completion, unless otherwise required by law. Binance has neither the right nor the obligation to resolve any disputes arising from a completed payment. Binance is not liable for any loss you incur in connection with a completed payment. No financial advice is provided. For more information, see our Terms of Use and Risk Warning.