what would I do, if I paid for coin and the seller refused to release it.

[avp2306]

something triggered me to ask this question, As a new trader As I am, we know very well that binance is no longer in Nigeria any more. some weeks ago I paid for particular coin and the seller refused to release the coin to me, the next thing he do. He went Off line for about 3 hours before coming on line again,at the end of the day he released the  coin to me after 3 hours. because binance security was so secured, if the person doesn't want to release the coin.you can quickly go to appeal and everything will be settled, after giving them the screenshot of your payment receipt.

He can scam you because in binance buyer and seller is protected on their p2p platform. Also maybe the seller realize that he can't do his scam plans on your transaction since as you said you already reported it and he don't have a choice but to release the funds before binance do the necessary action and maybe he get penalize on that platform. Also there are certain instances that maybe the seller got issue maybe on connectivity or in real life that's why he didn't release the funds immediately. That circumstances sometimes happen so you also need to consider that, but all is fine since as you said the funds is already released so maybe next time seek for more reliable seller to avoid this problems.

[1715124132]

1715124132

[Mia Chloe]

As long as both the buyer and seller is verified, you both can drop complaints on either end if any party fails to do their part by releasing the funds ( either crypto or cash.) And as the one paying via fiat , the exchange will ask for a full detailed receipt as the fix the issue. On most exchanges, if you are the one selling, you are not to release the crypto until you have confirmed you received the fiat payment. On the other hand, if you are the buyer you would have to be first to release funds and the seller also has to make sure to confirm that he received the fiat before releasing the crypto.

On most centralized exchanges like binance you can't trade until you have  successfully completed your KYC verification to avoid stolen funds that can't be traced.

[AVE5]

This is a service board discussion and I think you have just answered yourself, the exchange act as the third party for any P2P service on its exchanges so once the other second party doesn’t do his own part of the transaction you can simply just file a complaint to the exchange support.

I might been giving the other party an excuse here, he might not have received the money sent due to his network and that’s why it took those hours and holding on to it was the best decision he took. There could be case where the money might be reversed back to you after releasing the coins to you. Trusting only receipts is bad in P2P.

I think you've said it all. Just as the Op said that the trader released the coin after 3 hours. What matters most about this P2P exchange platforms is about you trading with the rightful exchange platform and also to be on the safe side, likely trade specifically only with verified traders whom the platform has been confirmed genuine so on a case like that of Op, it could be a delay of the fund to reflect into the receivers account which could be network issues considering the fact that the trader released the coin aftermath Op had been so worried. There also, it could also be that he has released the Coin but network along the lines may had obstructed it from a quick response. Let's consider you're the coin buyer Op, if you haven't confirmed your payment received you wouldn't want to release the Coin, that's just the basic. So if we can only get on the genuine traders with a reputable exchanges then there'd absolutely be no needs for panicks at cases like this but but it your conscience that justified your emotions then you can file a complaints suit to the exchange support team just as Op has also instigated.

[sokani]

something triggered me to ask this question, As a new trader As I am, we know very well that binance is no longer in Nigeria any more.

Binance is having issues with the Nigerian government but it is still functional, it's the P2P service that's no more available.

some weeks ago I paid for particular coin and the seller refused to release the coin to me, the next thing he do. He went Off line for about 3 hours before coming on line again,at the end of the day he released the  coin to me after 3 hours. because binance security was so secured, if the person doesn't want to release the coin.you can quickly go to appeal and everything will be settled, after giving them the screenshot of your payment receipt.

I've carried out P2P trade on Binance a couple of times and I've never encountered any issue. I don't know the exchange you used but for you not to be able to raise a dispute after waiting for that long is a good reason to dump it for another. Though, I've not used Kucoin, MEXC and Bitget for P2P but they're reputable CEXs where you can buy and sell crypto to naira.

[Zanab247]

Since is binance exchange you used to carry out the transaction, your coins are protected if you follow due process to carry out the transaction because every exchange app you are using to buy coins or sell coins have their procedure you must follow before your transaction will be successful.

The reason why the person didn't release the coins on time, maybe the person forgot that is dealing with someone in the market but assume you report the delay to binance official, I guess they will release the coins to you on time

[Cryptoprincess101]

something triggered me to ask this question, As a new trader As I am, we know very well that binance is no longer in Nigeria any more. some weeks ago I paid for particular coin and the seller refused to release the coin to me, the next thing he do. He went Off line for about 3 hours before coming on line again,at the end of the day he released the  coin to me after 3 hours. because binance security was so secured, if the person doesn't want to release the coin.you can quickly go to appeal and everything will be settled, after giving them the screenshot of your payment receipt.

Performing p2p operations is very risky though the chances of getting scammed is on the minimal depending on the exchange you are using but one thing I like about some exchanges like binance is the ability for them to wait till you confirm that your full amount have been paid to you before you release your crypto because if they had made it like if you have placed an order and released crypto immediately without receiving payments yet the rate of frauds would have been on the increase.

[Darker45]

If it happened in Binance, then you may contact Binance's support. That's what you do. Binance's P2P services have a built-in escrow system in place primarily for this possibility. Just make sure you provide them the proofs that you have indeed made the payment already.

Even if the seller didn't release the funds, for as long as you have sufficiently proven to Binance that you have already made the necessary payment, Binance will release the funds for you.

[GiftedMAN]

something triggered me to ask this question, As a new trader As I am, we know very well that binance is no longer in Nigeria any more. some weeks ago I paid for particular coin and the seller refused to release the coin to me, the next thing he do. He went Off line for about 3 hours before coming on line again,at the end of the day he released the  coin to me after 3 hours. because binance security was so secured, if the person doesn't want to release the coin.you can quickly go to appeal and everything will be settled, after giving them the screenshot of your payment receipt.

Since you already explained yourself let me add this, firstly, the person you paid money to may not have received the money as a result of some network glitch that could be his reason for delaying the release of your coin because network can bounce the money back if not confirmed and some people will find it very difficult to repay the seller since they have gotten the coin. Secondly the seller may have gone offline when you made payments as a result of him having a flat battery no need to fear, contacting your customer support service helps to get it resolved faster, I remember being paid twice in a p2p transactions I made the same amount was  debited the following week when I made another p2p transaction.

[Dunamisx]

If you're using a reputable exchange, they will quickly address any issue related to the escrow they provide between the two users involved, but if you're making use of a physical escrow in which you don't trust the medium or party involved, you're doing such risk on your own, some will tell you they don't need an escrow provider in a physical transaction for buy and sell, we must ensure we have a trusted one and reliable type indeed.

[doomloop]

Performing p2p operations is very risky though the chances of getting scammed is on the minimal depending on the exchange you are using but one thing I like about some exchanges like binance is the ability for them to wait till you confirm that your full amount have been paid to you before you release your crypto because if they had made it like if you have placed an order and released crypto immediately without receiving payments yet the rate of frauds would have been on the increase.

Well, P2P trading isn't risky but only if the person making a trade makes sure they understand everything very well and they act according to the rules set by the exchange because you will encounter a lot of scammers and frauds where they will try to trick you into releasing your assets without paying you, or when you are buying, they would make you pay and then wouldn't give you the assets by trying to use some trick or something.

But, if someone is aware of everything and has an active mind and is quick in reacting, they wouldn't get scammed, and if someone tries to scam them through a P2P platform, they can report their accounts to the management immediately so that they can take further action against them.

[Pi-network314159]

something triggered me to ask this question, As a new trader As I am, we know very well that binance is no longer in Nigeria any more. some weeks ago I paid for particular coin and the seller refused to release the coin to me, the next thing he do. He went Off line for about 3 hours before coming on line again,at the end of the day he released the  coin to me after 3 hours. because binance security was so secured, if the person doesn't want to release the coin.you can quickly go to appeal and everything will be settled, after giving them the screenshot of your payment receipt.

Yes that is true. That is why centralized exchange is programmed in a way that you need to send fiat first to the coin seller and you will get coin in return after successfuly sending the fiat. Binance or any Cex will automatically notify the recipient of the fiat to release the assets. And of which before you initiate the trading, binance will freezed the fund sothat the sender will not go back and sell to another person.  the important of using a trading exchange is that physical p2p, people don't like to do things accordingly without laws, rules and regulations. We should be careful in what we do to avoid being scammed by people who do physical p2p.

[7juju]

Then you're scammed if the coin isn't released. But on which platform did you traded?

Taking 3 hours for the seller to release the coin after paying him is really alarming and tensioning. But since you've received the coin and it's been released, you have no problem at all.

You have to find a seller that has a good trading history or has 100% feedback depending on the platform that you are with.

There are other factors that can make someone not to release coin on time. The most I can point out is bad network or his phone went off. There are time when the internet service will be very bad and you can't do anything, at this point you just have to relax until the internet service in your region is restored. It could also be that the person is in a hostile environment at the moment and he can't possibly operate his phone or laptop. It could also be that he hasn't received alert and he is waiting for his bank to credit him. This scam of a thing is not just one sided, exchanges will always tell you not to release coins until your money is confirmed. You have to consider these factors first before labeling someone a scammer. There is always a 24 hours window before filing for appeal, you always have to get this at the back of your mind. Provided the 24 hours has not been exhausted you can't conclude that you have been scammed.

[Cryptoprincess101]

Then you're scammed if the coin isn't released. But on which platform did you traded?

Taking 3 hours for the seller to release the coin after paying him is really alarming and tensioning. But since you've received the coin and it's been released, you have no problem at all.

You have to find a seller that has a good trading history or has 100% feedback depending on the platform that you are with.

There are other factors that can make someone not to release coin on time. The most I can point out is bad network or his phone went off. There are time when the internet service will be very bad and you can't do anything, at this point you just have to relax until the internet service in your region is restored. It could also be that the person is in a hostile environment at the moment and he can't possibly operate his phone or laptop. It could also be that he hasn't received alert and he is waiting for his bank to credit him. This scam of a thing is not just one sided, exchanges will always tell you not to release coins until your money is confirmed. You have to consider these factors first before labeling someone a scammer. There is always a 24 hours window before filing for appeal, you always have to get this at the back of your mind. Provided the 24 hours has not been exhausted you can't conclude that you have been scammed.

I really agree to what you said because we humans we just judge things in one direction without looking the other way round because me I have been in this situation whereby I initiated a p2p transaction with an online merchant and immediately my network disconnected and I was so frustrated because the buyer made it clear that his transactions duration is within 15 minutes then if you don't release the crypto that he will make a report even if you later conclude the transaction, it made me switch over to my other sim card before i could get network and concluded the transaction, so some times people don't have intentions to scam us but maybe due to an unforseen challenges that may occur in the process of performing the operation may make it look as if they are trying to scam you.

[boyptc]

Then you're scammed if the coin isn't released. But on which platform did you traded?

Taking 3 hours for the seller to release the coin after paying him is really alarming and tensioning. But since you've received the coin and it's been released, you have no problem at all.

You have to find a seller that has a good trading history or has 100% feedback depending on the platform that you are with.

There are other factors that can make someone not to release coin on time. The most I can point out is bad network or his phone went off. There are time when the internet service will be very bad and you can't do anything, at this point you just have to relax until the internet service in your region is restored. It could also be that the person is in a hostile environment at the moment and he can't possibly operate his phone or laptop. It could also be that he hasn't received alert and he is waiting for his bank to credit him. This scam of a thing is not just one sided, exchanges will always tell you not to release coins until your money is confirmed. You have to consider these factors first before labeling someone a scammer. There is always a 24 hours window before filing for appeal, you always have to get this at the back of your mind. Provided the 24 hours has not been exhausted you can't conclude that you have been scammed.

Yeah, and that's why it was alarming when there was a long delay. I've seen these kinds of problems for p2p concerns and majority of them were just network delay and problems.

But some did really have the intention to scam but we can't blame the receiver for panicking after paying and just waiting for the release of the coin.

Even I, I'll be sweaty at that time when I should receive the coin but when the seller don't respond quickly with releasing it.

[Princess Leah]

something triggered me to ask this question, As a new trader As I am, we know very well that binance is no longer in Nigeria any more. some weeks ago I paid for particular coin and the seller refused to release the coin to me, the next thing he do. He went Off line for about 3 hours before coming on line again,at the end of the day he released the  coin to me after 3 hours. because binance security was so secured, if the person doesn't want to release the coin.you can quickly go to appeal and everything will be settled, after giving them the screenshot of your payment receipt.

I had a reply for you, not until i read to the end and discovered you've already answered yourself, left for me i think your choice of topic contradicts your content cause in the end the seller later released the coin like you stated. Well I've experienced something similar and in my own case the seller was having a network issue so couldn't release on time. I was supposed to launch an appeal for time wastage but he chatted me with some reasons which is understandable.
 
 But in a case where the seller goes totally off and refused to release for 24 hours or more than, the next action to take is to launch an appeal, with the necessary requirements for prove like you've stated already.

[Zigabel]

something triggered me to ask this question, As a new trader As I am, we know very well that binance is no longer in Nigeria any more. some weeks ago I paid for particular coin and the seller refused to release the coin to me, the next thing he do. He went Off line for about 3 hours before coming on line again,at the end of the day he released the  coin to me after 3 hours. because binance security was so secured, if the person doesn't want to release the coin.you can quickly go to appeal and everything will be settled, after giving them the screenshot of your payment receipt.

Appealing is just the best thing to do whenever some one refuses to release a coin after payment buy then since Binance isn't available in Nigeria again you can get to try other exchange and see if they will be able to offer same service but for the sake of security, make sure to transact only small amounts first so you use that to get an idea into what their security action looks like because it may differ from that of Binance, Binance happens to be the number one exchange and so it's usually expected of them as the number one to be able to have good security protocol which ensures the safety of their customers buy i don't know how well it is actually with others so if you are trying others, always make sure to use a small amount for trials after which you can proceed to doing huge transactions.

With Binance P2P whenever issues as this arises you can easily appeal and their customer service which is usually very quick to response will definitely respond as quick as possible but i don't really have an idea into how quick it is with other exchanges and that's why for a trial start with small amount.

[Uhwuchukwu53]

This is a service board discussion and I think you have just answered yourself, the exchange act as the third party for any P2P service on its exchanges so once the other second party doesn’t do his own part of the transaction you can simply just file a complaint to the exchange support.

I might been giving the other party an excuse here, he might not have received the money sent due to his network and that’s why it took those hours and holding on to it was the best decision he took. There could be case where the money might be reversed back to you after releasing the coins to you. Trusting only receipts is bad in P2P.

All is associated in this answer, that please me to respond to op, at first should have known that waiting for so long without reporting challenge at such point is very dangerous, beside he never tell how far he made effort to know if it's due to the guy not receiving the money send to him, I fully believe during exchange room for communication is there to show approval of the both parties where such communication cut short one need go straight to tender the report to the exchange official to avoid story.

[Truthlovecoins]

something triggered me to ask this question, As a new trader As I am, we know very well that binance is no longer in Nigeria any more. some weeks ago I paid for particular coin and the seller refused to release the coin to me, the next thing he do. He went Off line for about 3 hours before coming on line again,at the end of the day he released the  coin to me after 3 hours. because binance security was so secured, if the person doesn't want to release the coin.you can quickly go to appeal and everything will be settled, after giving them the screenshot of your payment receipt.

Appealing is just the best thing to do whenever some one refuses to release a coin after payment buy then since Binance isn't available in Nigeria again you can get to try other exchange and see if they will be able to offer same service but for the sake of security, make sure to transact only small amounts first so you use that to get an idea into what their security action looks like because it may differ from that of Binance, Binance happens to be the number one exchange and so it's usually expected of them as the number one to be able to have good security protocol which ensures the safety of their customers buy i don't know how well it is actually with others so if you are trying others, always make sure to use a small amount for trials after which you can proceed to doing huge transactions.

With Binance P2P whenever issues as this arises you can easily appeal and their customer service which is usually very quick to response will definitely respond as quick as possible but i don't really have an idea into how quick it is with other exchanges and that's why for a trial start with small amount.

Customer service surely have to be notified if something as OP has mentioned happens. I for one wouldn't wait for long, if I were the one in same position and am sure that many of the exchanges right now have KYC verification that can easily let them know which customer has refused to release the funds being bought already.

As long as there is an uploadable and available screenshot of transaction, I believe the issue should get resolved in time if reported to customer service.

[Findingnemo]

Traders going offline is rare scenario and you no need to worry as long as the funds are being in the escrow, even if the trader never came back online still mod can release the coins from escrow but it will take upto 48 hours in P2P exchanges.

Other possible reasons for a trader to refusing is the payment made via third-party name which isn't acceptable by most traders cause they worry about chargeback and funds laundered from hacked bank accounts.

[LogitechMouse]

~

I don't know the exact things that they will do to the seller if that's the case, but I believe they will suspend the sellers operations, and will not let him continue. In short, the seller will be out "AS LONG AS" you have the proof to show that you really paid.

Why create a thread like this if your transaction ended up as a successful one? I mean a quick google search will help you as well on what you will do. P2P on Binance works pretty well especially for me who is converting some of my Bitcoins to our own fiat currency around once or twice every month. I've been using it for a long time and so far, there hasn't been any problem with any of the sellers out there.

I don't know, but is anybody here experienced selling a coin/token, but didn't get the fiat money that they wanted? What did you do and what happened to the buyer of coin/token?