📢 New update in the crypto world

Binance Blog published a new article, introducing the Binance P2P Shield Merchant Program, which aims to enhance security and reliability in peer-to-peer (P2P) trading. This initiative is designed to provide users with a safer trading environment by vetting and verifying merchants who demonstrate extensive experience and reliability on the platform. Shield Merchants are traders who have been active for over 90 days and have completed transactions with numerous unique counterparties. They are required to maintain a security deposit on the platform, serving as a financial guarantee of their commitment to secure trading.

The Shield Merchant Program involves a rigorous review process conducted by Binance to ensure that these merchants promote safe and reliable trading practices. Users can easily identify Shield Merchants by looking for a distinct shield icon next to the merchants’ names on the Binance P2P platform. This icon signifies an enhanced level of security and integrity for their transactions. The program is particularly beneficial for users in regions where traditional fiat on- and off-ramps are limited, as it offers a flexible and accessible way to exchange digital assets for fiat or other cryptocurrencies.

To further bolster P2P trading safety, Binance has implemented the Shield Merchant User Protection Program. This program reviews and verifies P2P merchants who have a positive transaction history, no negative feedback regarding frozen bank accounts, and meet other stringent criteria. Merchants who pass the review receive a special badge next to their names, indicating their adherence to high standards and reliable trading behavior. By trading with Shield Merchants, users benefit from an added layer of security and peace of mind, knowing that these merchants have been thoroughly vetted.

For users who prefer to trade exclusively with Shield Merchants, Binance P2P offers a "Shield Only" filter. This feature allows users to view only offers from verified Shield Merchants, ensuring a secure trading experience. Additionally, Binance provides a compensation policy for users whose bank accounts are frozen due to reasons attributable to the merchant, offering up to 100% compensation depending on the user's jurisdiction. This policy is subject to review by the Binance P2P team to ensure fairness and compliance.

The introduction of the Shield Merchant Program addresses safety concerns in P2P trading by elevating verified merchants and providing users with the transparency needed to trade more comfortably and securely. Binance continues to innovate and invest in security-centric technologies and enhanced platform features to make crypto markets safer and more accessible for users of all experience levels. Whether new to Binance P2P or a seasoned trader, choosing Shield Merchants helps users trade smarter and safer, offering a seamless trading experience with enhanced security.