Binance expands its P2P Risk Management System
Binance, the world’s largest cryptocurrency exchange by trading volume has unveiled a new upgrade to its Peer-2-Peer (P2P) risk management system in a bid to protect its users.
The move to boost its P2P security becomes pertinent as the trading platform saw a skyrocketing growth of users in the first half of the year.
Binance is always looking for new ways to protect users.
New Risk Management Measures on Binance P2P
Binance P2P takes a ground-up approach to protecting users on the platform.
Here’s a few of the recent actions they took to build an even safer environment for users:
- Added new requirements to buy and sell advertisements on Binance P2P, which has reduced low-quality, inactive or unreliable advertisements by 99%.
- Upgraded our order-matching logic to ensure users trade with trusted traders and verified merchants.
- Implemented a “T+1” withdrawal limit in select markets to protect user funds and reduce risk.
- Optimized our risk management algorithms to actively monitor suspicious actively on the platform, and limit the trading activities of potential bad actors.
User Education Initiatives on Binance P2P
In addition to new risk management measures, they have continued their efforts to create an extensive library of educational content, hosting more than 20 P2P webinars across global communities.
P2P security tips below:
- Binance P2P: 11 Security Tips to Trade Safely
- Binance P2P: Stay SAFU When You Trade
- 5 Tips On How To Pick The Best Offer When You Buy on Binance P2P
- 4 Common Peer-to-Peer Trading Mistakes to Avoid
- How Does Binance P2P‘s Escrow Service Work
In addition to platform level security measures, users can do their part to practice safe habits and avoid security errors.
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