"How does the 'security lock' work in Binance P2P to prevent scams? 🤔"

The Real Fact

Many people wonder how it is possible to buy or sell cryptocurrencies directly with another person without the risk of being scammed. The key lies in the custody system or security lock that Binance uses.

The Analysis

This system acts as a trusted intermediary in each P2P transaction, protecting both the buyer and the seller. Here are the steps:

The Buyer Places the Order: The buyer chooses a seller and places the order.

Binance Locks the Cryptocurrency: At this moment, Binance automatically locks the seller's cryptocurrency. The cryptocurrency is held "in custody" on the platform, out of the seller's control.

The Buyer Sends the Payment: The buyer sends the money to the seller using the bank or payment method agreed upon, but Binance still has the cryptocurrency locked.

The Seller Confirms: Once the seller checks their account and confirms that they received the payment, they notify Binance.

Binance Releases the Funds: Only when the seller confirms does Binance release the cryptocurrency from the lock and send it to the buyer.

This system ensures that the seller cannot disappear with the money and cryptocurrency, and that the buyer does not lose their money without receiving the asset.

"Did you know about this security system? What other protection method do you think should exist?"#P2P #P2PTrading #Seguridad #Information