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

[Bonny070]

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.

[Zaguru12]

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.

[un_rank]

I am struggling to understand your question. What happened to you is what will happen if the seller refuse to release in a controlled transaction. If you are transacting on a centralized or decentralized service, there are protections for the seller and the buyer so none of them gets scammed. If you are transacting through an unregulated channel with no escrow, the seller can scam you with no repercussions.

Do your research on any exchange you want to buy or sell on before you make any deposits there.

- Jay -

[Alphakilo]

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.

One has to read the OP repeatedly to understand it. It is important to write clearly. First, you will get the best replies and suggestions if you can move this topic to the Nigerian Local board as there are other Binance p2p users who may have had a similar experience.

Second,if you use any centralized exchange that accommodates p2p, they already have an inbuilt system that tackle these issues. This is the advantage of using their p2p services over the local physical p2p service where you do it with a friend or just some random person you met at the bar. The advantage being the security of funds when there is a delay in confirming payment and secondly a proper channel to investigate and resolve these types of disputes.

Edit- OP has been moved by one of the moderators to this board. Better. It gets a better and global opinions from others.

[BitMaxz]

I think you talking about p2p in Binance?
Usually, if you are the buyer on the said Binance under p2p and you deal with someone you paid him already and you didn't receive any response from him you should report it immediately or open an appeal to receive the payment if you indeed need the funds or the coin immediately.

3 hours is too much you need to open an appeal right away if you need the funds right away Binance will release it for you without the seller/buyer's consent. It happened to me before the appeal took too long to solve the only reason of the seller was "he forgot to release it" but it's fine now Binance has improved it and the appeal right now is much faster due to time limit it should resolved immediately.

[Amphenomenon]

CEX reduce p2p scam risk but you should note that not all of these exchanges has good customers service  including Binance, just Thank God they responded to you because alot of binance customers gives them negative review for their customer service. It's advisable to check previous feedback from users who has done p2p with such party before deciding to do one with them

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.

Truly this might be but to be frank it's well known to everyone doing p2p in Nigeria the recommended banks to use to avoid situations of such, like Palmpay, Opay and some others while if the other party is not using any of these banks I opt for another party to avoid issues of such

[Nwada001]

I am struggling to understand your question. What happened to you is what will happen if the seller refuse to release in a controlled transaction.

The OP is a bit unclear with the question; from what I understood, the OP wants to know what could be done aside from waiting patiently for either the sellers to release the coin or for Binance to come into play and check what is what.
 
@Op, There is literally nothing much for you to do other than keep your proof of payment safe and wait for the support team to come and attend to the situation. If you have made a payment on a P2P transaction and you notice that the seller is not ready or willing to release your coin, the first thing you should do is file for an appeal.
 
Let it be known why you wait for the selling party to reply. Filing for an appeal most times triggers the seller to come online fast and attend to you, as appeal cases most times can lead to all their sales ads being restricted until the issue is resolved.

[crwth]

You are on the right track somehow you managed to use the P2P system with Binance and it didn't let you get scammed because of the security in place with the exchange. Other exchanges offer that P2P system if you ever want to do it and it is secured. I tried Bybit and xt. They have those P2P and it makes it easier for users like us to exchange fiat.

[_act_]

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.

But the coin was released to you. On the other centralized P2P exchanges, you can also report the person. Also that the coin is on the exchange address which is controlled by the exchange, the seller can not move the coin. The exchange will not let him to be able to withdraw the coin. This kind of thing can also happen on Binance unless you report it. You have nothing to do than to report the person if taking long.

[Abu-Naim]

Is this a question or a guide and recommendations you are given Binance exchange?
Of course we do experience such cases while doing p2p transactions on exchanges, but we are always safe since the exchange always stand as escrow to monitor the transactions till the end.

I always feel that p2p transactions while selling crypto to fiat is safer than while buying coin with fiat because you will be holding your coins till the payment is confirmed by you before releasing the coin to the buyer; that’s why when ever I wanted buying with fiat, I usually buy with little amounts repeatedly to avoid been scammed.

[nakamura12]

Thr first thing you should do is to report the seller for not releasing the coin you bought which you already have sent the payment. Well, the story you told us ie that the seller takes a very long time to send the coins to you which is not good thing to do. You did wait for hours  before you receive it since seller did release it and takes a long time to release the coins then you should still report that person because in my opinion, I think people like that may start to scam people.

[SatoPrincess]

You should tell us the name of the exchange you used. There are other good options where you can buy and sell bitcoins aside Binance like Remitano, roqqu, e.t.c. When trading on p2p platforms, it’s important to check the review rating of the trader before transacting with them. I’m sure this person must have a record of delaying transactions.

[Belarge]

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.

We can continue to grow by learning new things in the market, I've never stop believing the process and also making my findings. We should having enjoyable moments each time we're doing P2P trading because that's the easiest way of having possession of our profits from crypto. Binance is no longer legalized in Nigeria based on the roughly ongoing incident, the heavy crash of naira against the US dollar. Whenever one encounter such challenges, it's always advisable to report to customer's care or appeal because it's more associated to fraudulent activities.

[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.

[Hyphen(-)]

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.

You have answered the question your self.

Binance exchange and some other exchanges that offer P2P services are well organized, they make sure every end user is satisfied while trading.

They provide the necessary tools required to make proper compliant so as to have good and perfect trade with no cheat that is why they allowed you to appeal in case your buyer or the seller did not respond as expected.

[Issa56]

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.

Am sure you are guiding people on how to make use of binance P2p, you are no longer asking question, when I started reading your post, I thought you were asking question, but before reading the post till the end, I notice that you already answered your question yourself. When you are making use of p2p, if you are having any problem with either buyer or seller, then you can easily appeal to binance, and they will call both the buyer and the seller to order to resolve the problem. If you have any problem when making use of p2p the best thing is just to appeal, then Binance customer support will handle it.

Is this a question or a guide and recommendations you are given Binance exchange?

Beginning of the topic is a question, but ending of the post is recommendation. Since the OP already provided answer to his question, then it’s no longer a question but a recommendation, but it’s kind of funny to me. 

[hatshepsut93]

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.

If you're going to trade on another platform, you should study the rules of your platform and how they handle such situations. And not only read the official guideline, but also look for discussions of such cases on that platform that happened to other traders, because on practice things could be handle a bit differently from what is publicly stated.

No one can answer your question in general, because platforms can have different rules.

[pooya87]

Since nobody mentioned it: check out Bisq, it is an actually decentralized exchange (not a centralized exchange like Binance pretending to be decentralized) and it offers better security for trading and the issues that may arise. Other than that you have to either fully trust the other party or use a trusted escrow which you can always find on this forum with good reputations too.

[Su-asa]

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 can't stop laughing mate, you made a mistake and released your coins to a vendor on binance exchange and the vendor didn't credit the money to you, and the vendor went offline  so after 3 hours he came back online? So you reported him and he credited you the money. So what is the need to create this thread again? You have already sorted out the problem.
However you have already reported the vendor with your proves and the vendor have no other choice than to pay you your money.
This thread would have been interesting if you didn't know what to do, we would have tell you how to deal with it, but you already know what to do.
I think I understand what you wanted to do, you would have created this thread as a means of alerting newbies like you never to release their coins if they hant received their payment from any vendor.

[Aanuoluwatofunmi]

Since the both of you have your account verified and also have reasonable amount of asset on your exchange account, the exchange court or representatives will take a look into the case and verify the whole issue to find out that who is at fault and such user if holder the other persons coin for no reason may have his own account suspended and they may release your coin to you, that is why there's a means of showing the evidence for making payment and you will also have to confirm that you receive it, the exchanges are trusted for these role of escrow service and they know how to handles such, sometime it may be the network actually from the other end, but aside this, if the intention was to manipulate, then the person may risk the loss of his account because he may be blocked.