Original source: Binance
"The moment my assets were frozen, I felt like the sky was falling. As an ordinary law-abiding citizen, I got involved with so-called 'involved funds' because of this incident." Peter, a cryptocurrency player who experienced asset freezing, shared. That freezing experience left him physically and mentally exhausted. He spent day and night running between banks and police stations with printed bank statements, identification documents, and account proofs. The involvement of his account funds in a criminal case brought him immense mental pressure. In the cryptocurrency circle, countless similar scenarios unfold; some people have their lives severely impacted by unexpected freezes, while others tremble in fear, unwilling to step into this field again.
The C2C model of cryptocurrency is essentially an interaction between users. Fiat currency is transferred through traditional financial channels like banks, while digital assets are held in custody by the platform. Once the receiving party confirms the receipt, the funds are released. Some transactions rely solely on trust between individuals. Since the trading parties are self-selected, the reliability and legality behind them exist in a black box. Even when operating on compliant platforms, it is challenging to completely shield the flow of "dirty" money within the channels. In extreme cases, this could lead to consequences like asset freezing.
Faced with these thorny issues, top platforms are leveraging risk control matrices and subsequent guarantees to optimize the trading journey. Binance C2C, as an industry leader, maintains a low freezing rate due to its massive trading volume and user base; its merchant order completion rate remains high, and the incidence of fraud and freezing is gradually decreasing. Through dispute mediation and compensation guarantee mechanisms, it provides a safety net for users. Additionally, the C2C's Shield merchants and bulk area offer users a certain amount of freezing compensation, safeguarding users' funds. Since the launch of Shield merchants three years ago, 70% of users have chosen to trade with them. These achievements stem from the platform's deep layout in black market detection, fund link verification, and merchant onboarding scrutiny.
Within this framework, Binance C2C continues to iterate, launching the C2C Select Zone based on the existing Shield merchants, embedding risk buffers into the user journey: the Select Zone filters out higher-quality merchants from the existing Shield merchants, making it easier for users; if users encounter judicial freezes when withdrawing funds in the C2C Select Zone, they will receive 100% compensation, up to a limit of 50,000 USDT.
Next, this article will progressively delve into the Binance C2C Select Zone, breaking down the layers of fortifications it has built for secure withdrawals:
The Nightmare Behind Unprotected C2C: How Users Fall into Traps Step by Step
Sophia (pseudonym) is a regular in the cryptocurrency circle, having made multiple deposits and withdrawals with ordinary merchants on the same C2C platform. However, a recent ordinary transaction led her to a significant downfall. She saw an account on a third-party social media platform, Twitter, with the same name as a commonly used merchant on Binance C2C, advertising withdrawal services at a price more "affordable" than those on the platform. She quickly added this "merchant" on Telegram for private trading. At this point, the "merchant" claimed they could offer a higher selling price than the platform's listed orders. Sophia didn't think much of it, as she had traded with this merchant multiple times before and thought it was a reward for loyal customers. However, after the transaction, her bank account did not receive the funds, and when she tried to contact the "merchant," she found that the Telegram account had been deleted.
At this moment, Sophia's transactions came to a halt; not only had her USDT been transferred out, but she also hadn't received any money. She belatedly realized that these "merchants" advertising on other platforms, impersonating exchanges, were deceiving her into trading at a higher price just to steal her money. Sophia quickly sought help from Binance C2C customer service. Although this transaction did not occur on the Binance platform, and the scammer was impersonating a Binance merchant, the team still dispatched a security officer to follow up based on the principle of "user first," advising her to report to the police and guiding her to collect relevant materials to package evidence for the police and bank to pursue accountability.
Amy (pseudonym) experienced a tragedy that escalated into a "pig-butchering scam." She met an online romantic partner who claimed to be very skilled in trading cryptocurrencies and said they were a VIP user on "Binance." They informed her that "Binance" had financial products specifically for VIPs, with very attractive annual returns, and that she only needed to leave her money there without any operation. As a newcomer to cryptocurrency, Amy was not well-versed in the industry and believed everything her partner said, proposing to hand over her money for them to help invest in those financial products. However, recently her partner claimed that "Binance" had frozen the funds during withdrawal and requested her to provide transaction records to unfreeze the funds, even asking her to add "Binance customer service" on WeChat for further communication. During this time, she continuously transferred money into her partner's bank account, only for her partner to claim that the account had been repeatedly frozen by the platform, making it impossible to withdraw the funds.
Feeling utterly hopeless, Amy took to social media to accuse "Binance." Upon seeing her plea for help, the Binance team immediately arranged for a specialist to follow up. After investigation, they found that Amy's "partner" account was real and had no freezing records, with normal deposit and withdrawal operations recently. They concluded that the user had fallen victim to a "pig-butchering scam" and advised her to retain evidence and report to the police. Even the top executives personally reminded her not to continue transferring money to that "partner" and not to trust the "Binance customer service" on WeChat, as the real Binance customer service can only be found within the platform. Ultimately, Amy realized the situation and reported it to the police, while Binance cooperated with the investigation to freeze her "partner's" account to help her recover her funds.
Due to Binance's leading position in both trading volume and depth in the industry, especially with very strict review standards for C2C merchants, since the launch of Shield merchants, it has attracted 70% of user transactions. Therefore, many criminals exploit this to impersonate Binance merchants to defraud money. Binance C2C reminds users not to believe any advertisements claiming to be Binance merchants on other platforms and to conduct transactions with Binance merchants exclusively through the Binance C2C platform.
If users encounter scams impersonating Binance merchants, they should immediately stop communication and block the contact to prevent further inducement. If they fall victim to a scam, they can always call Binance C2C customer service for help, maximizing efforts to safeguard their asset security.
Proactive Risk Control: Ensuring Merchant Confidence Through Training
"When I first applied to become a certified merchant on Binance C2C, I almost backed out." David candidly stated that the process of becoming a Binance C2C merchant far exceeded any platform he had previously encountered. He had to submit identification documents and even provide past transaction history as proof. If he wanted to become a Shield merchant, he would also need to pay a high deposit. However, it was this "strictness" that ultimately made him firmly choose Binance. "Although the review process is cumbersome, it made me trust Binance's professional standards and protective measures. After all, the stricter the rules, the more quality users gather, and the smaller the risks."
Over the years, C2C merchant David has encountered various scams and even legal risks on other platforms. "I remember once, the funds transferred by a buyer had issues, and after I completed my USDT transfer, my bank account was frozen. Not only did I lose thousands of dollars, but I also had to explain and submit various materials multiple times, even being called to the police station, wasting a lot of my time and energy." David still feels uneasy recalling that experience. However, since joining Binance C2C, such farces have disappeared. "Binance's risk control mechanism is really reliable," David praised. The platform's backend monitors every C2C transaction in real-time, intervening immediately if any anomalies occur. "Once, a buyer's remittance was frozen after it was credited. I was very scared of encountering the previous issues again, but after seeking help from the Binance C2C team, they temporarily froze the transaction for me. Once my remittance was automatically unfrozen, the platform helped me release the funds. I really don't have to worry about encountering issues with buyers' funds anymore."
David noticed that the recently launched Select Zone on Binance is even more beneficial for merchants. Compared to the previous Shield merchants, the Select Zone requires a deposit of 100,000 USDT. This is not only a guarantee for users but also a constraint for merchants. He said, "Under this mechanism, we merchants will cherish our reputation even more because no merchant would want to joke around with such a large amount of 100,000 USDT."
One of the culprits behind C2C withdrawal freezes often depends on whether the funds exchanged between users and merchants are "clean." If the funds received by either the user or the merchant are related to judicial cases, the judicial department will notify the bank to freeze those funds.
Binance C2C addresses market pain points by launching the "Binance C2C Certified Advertiser Management Regulations," which outlines guidelines and prohibitions for merchants in C2C, covering payment norms, account changes, dispute mediation, and more, allowing merchants to have rules to follow. Violators will face a tiered punishment system ranging from warnings to account bans and even permanent bans. Meanwhile, the platform's custody and risk control protect user interests.
The scrutiny of Binance C2C for merchants begins with the application process, involving a series of account screenings and risk strategies. The system prioritizes the elimination of high-risk candidates to ensure that applicants are clean. For example, the application threshold requires one-on-one video verification, including identity verification, order completion rates, trading volume, and other hard indicators. Merchants must also pay a deposit and confirm their familiarity with and adherence to platform rules. Additional filtering is applied to newcomers to prevent low-quality applicants from mixing in.
Passing through so many hurdles is just the beginning, meaning becoming an ordinary certified merchant. If they want to upgrade to bulk or Shield merchants, there are even stricter thresholds. Even if approved, merchants remain under continuous risk control scanning and strict management. The Binance C2C risk control team builds dynamic models through multi-source data analysis, tracking merchants throughout the process, analyzing their behavior patterns and fluctuations in amounts in real-time. They integrate big data and AI technology to identify potential risks before the transaction preparation stage. The system analyzes trading habits, fund trajectories, and account histories to accurately pinpoint potential sources of trouble, compressing risk exposure from the root.
Binance C2C not only requires merchants to adhere to strict admission and trading rules but also regularly invites well-known legal professionals in the industry to provide legal training and assistance to all merchants, ensuring that merchants understand and implement the guidelines. "We ordinary merchants have a relatively shallow understanding of the law. Many times, we think that very common operations might be problematic in the eyes of regulatory agencies," shared Alex (pseudonym), a Binance merchant. He admitted, "Binance regularly invites legal professionals to train us, not only educating us about various situations and cases in judicial practice regarding C2C withdrawals but also informing us which behaviors cross judicial red lines and which are permissible. This not only helps us avoid risks but also ensures the safety of users' funds. Binance is indeed responsible for every merchant and user."
# "C2C Select Zone" Launched, Shield Merchants Welcome Comprehensive Upgrade
In order to further preemptively hedge risks into the user experience and dispel users' concerns about withdrawal freezes, Binance C2C has officially created a brand new "C2C Select Zone" based on Shield merchants. Simply put, if users encounter judicial freezes after trading with merchants in the Binance C2C Select Zone, they can receive corresponding compensation according to platform rules: up to 100% compensation, with a single compensation limit of up to 50,000 USDT. At the same time, merchants in the Select Zone must pay a deposit of 100,000 USDT, which sets the highest standards in the industry in terms of merchant deposits, compensation amounts, and compensation limits, fully ensuring that users can receive adequate compensation from merchants when encountering freeze scenarios. This fully reflects Binance's strict requirements for merchant thresholds and its determination and capability to safeguard user funds.
The compensation funds provided by Binance C2C are jointly borne by the platform and merchants, rather than solely relying on merchant deposits. This means that there is an additional layer of insurance for compensation, ensuring that even in the most extreme cases, compensation can still be obtained. This is the principle of "user first" that the Binance platform has always practiced, always considering issues from the user's perspective.
Not only in the Select Zone, but even when users trade with Shield merchants, they can enjoy more comprehensive compensation protection after this upgrade. For amounts within 1,000 USDT, full coverage compensation is available, while for amounts exceeding 1,000 USDT, a 10% compensation up to a limit of 3,000 USDT is provided. As a result, users have a wide variety of compensation-protected merchants to choose from in Binance C2C. In other words, over 75% of merchants in Binance C2C offer compensation protection, surpassing the coverage rate of compensation merchants on other platforms in the industry.
In addition, to facilitate user selection, Binance has separately opened the Select Zone in the C2C interface. If users want to trade directly with merchants in the Select Zone, they can simply click on the Select Zone using the web version or the new app without needing to filter merchants in the merchant list. Even if users trade outside the Select Zone, they can find Shield merchants by filtering in the bulk area or custom area.
Even after merchants enter the Select Zone, Binance will continue to monitor them. For example, merchants are required to comply with the "compensation protection" service guidelines and must not induce trades with false promises. If a user complaint is verified to be the merchant's responsibility, the platform has the right to take measures against the merchant, including point deductions, fines, account freezes, or even cancellation of compensation qualifications, depending on the circumstances. For merchants who actively fulfill their compensation obligations and perform excellently, Binance offers rewards such as traffic tilt and exclusive rankings to encourage them to provide higher quality services.
Since the launch of the Binance C2C Select Zone a month ago, multiple users have successfully withdrawn funds through the Select Zone, and the zero-accident operation in the first month signifies extreme protection for users. This also returns to the original intention of establishing the Select Zone: not to compensate users for losses, but to provide a safer, more stable, and reliable withdrawal experience. A zero-accident compensation protection platform is stronger than countless platforms that have experienced accidents.
At the same time, Binance reminds users: during the trading process, they must still comply with the platform's risk control rules, such as verifying recipient account information and confirming receipt in a timely manner, to avoid unnecessary disputes. If suspected fraud or abnormal funds occur, users should immediately request customer service intervention, and the platform will assist in handling the situation and take strict measures against violating merchants, including compensation.
# Coordinating with the Risk Control Team, Binance C2C Provides 24/7 Complaint Channels and Locking Mechanisms
What to do if your card is frozen? How can users apply for compensation?
When users discover that their accounts are frozen, they should first contact their bank to confirm whether it is a judicial freeze and the duration of the freeze. If it is indeed a judicial freeze, users need to contact customer service to initiate a complaint and submit relevant materials for platform review. Once the review is approved, the merchant must complete the compensation within 30 working days of receiving the notification. If the compensation is not completed within the deadline, the platform will directly deduct the compensation from the merchant's deposit upon receiving the user's complaint. If the merchant's deposit is forcibly deducted and not replenished within three calendar days, the platform will suspend their order publishing rights until the deposit is replenished.
How will the platform handle disputes between users and merchants?
User Alice experienced a freeze on her bank account after a withdrawal from a regular merchant on Binance C2C. "My first reaction was to contact the other party, but I couldn't reach them at all," Alice recalled. "Although I had used regular merchants many times before, I was genuinely afraid that my money would ultimately be frozen and unrecoverable." Realizing the anomaly, she immediately submitted relevant transaction records and evidence through Binance C2C's complaint channel.
Upon receiving Alice's complaint, the Binance C2C customer service team quickly initiated a review process. After rechecking, they found that the merchant had followed the operational standards during the process, and the user was likely facing either periodic risk control payment stops by the bank or temporary judicial payment stops. Therefore, they reassured the user not to panic and suggested communicating with the bank or local police to understand the specific situation.
During this time, the customer service team provided feedback to the risk control department for in-depth analysis of the transaction. By comprehensively monitoring the chat records between the merchant and the user, as well as reviewing all past transaction records and behaviors, they ultimately found that the merchant had no abnormal behavior during this transaction. However, after the incident, neither the user nor the platform could contact the merchant. Relying on the custody service mechanism, Binance C2C promptly locked and froze the funds to ensure that the user's transaction rights were not compromised. Meanwhile, Binance C2C also arranged for a security officer to follow up on the user's situation, guiding her to report to the police and collecting possible information, including bank statements, to facilitate subsequent provision of materials to the bank and police.
Recently, user Rachel registered on the platform and placed an order to purchase USDT. During a transaction with a third-party advertiser, the advertiser keenly noticed Rachel's unusual operations and promptly reported the situation to the platform. Upon receiving the alert, the platform immediately activated its risk control mechanism and conducted a comprehensive investigation of the account, discovering significant risk hazards in the withdrawal address. To prevent further losses, the platform temporarily froze the related assets.
Subsequently, with the professional intervention and persuasion of local police, Rachel gradually realized that she had fallen into a "pig-butchering" scam and proactively communicated with the platform for help. Ultimately, with the joint coordination of the platform and the advertiser, the relevant transaction was successfully refunded, helping Rachel recover her financial losses.
This incident not only highlights the efficiency of the platform's risk control system and the advertiser's keen risk awareness but also reflects the platform's service tenet of "user first, safety first." In the future, the platform will continue to optimize its risk control mechanisms, collaborating with advertisers, users, and regulatory forces to create a safer and more trustworthy trading environment.
The Binance C2C team stated: "We always prioritize user rights, not only making every effort to ensure user safety but also punishing violating merchants. Even if users do not trade with merchants in the Select Zone or regular bulk and Shield merchants with compensation mechanisms, we will still address customer complaints regarding withdrawal disputes."
Binance C2C has been continuously strengthening and improving its risk control system. On one hand, by implementing strict admission thresholds, it ensures that users are safeguarded from merchants during the first step, comprehensively monitoring all chat and transaction behaviors of merchants. On the other hand, Binance C2C actively encourages users to report suspicious behaviors and provides rewards to incentivize participation. Additionally, Binance C2C itself will issue risk warnings for ordinary merchants with lower transaction volumes on the platform, clearly marking them for users to see, and regularly conducting safety education and legal awareness campaigns to enhance users' risk prevention awareness while continuously educating merchants about legal red lines that must not be crossed.
# 24/7 Service Team and Support for Derivative Products
The Binance C2C business team is large, with over a hundred members covering customer service, product, risk control, and other teams, providing users with 24/7 service. Since its launch, it has gradually expanded from digital asset trading services to a more comprehensive product offering. With the diversification of market demands, Binance C2C supports stablecoins such as USDT and USDC, as well as mainstream cryptocurrencies like BTC, ETH, and BNB. The C2C method can also be directly used to purchase currently popular alpha tokens, fully participating in the ecosystem built by Binance and its wallet. Additionally, a variety of payment methods provide users with increased flexibility, currently supporting bank transfers, bank cards, and other common payment methods.
The current global financial landscape is changing, and with the entry of countries and institutions, digital assets are increasingly becoming part of people's daily lives. Binance has always adhered to the principles of global compliance and user first, continuously upgrading and improving its internal systems to provide safe, compliant, and stable digital asset services. Binance C2C continues this philosophy by ensuring the safety and experience of both merchants and users through comprehensive protection mechanisms and strict standards, building a win-win ecosystem.
This article is from a submission and does not represent the views of BlockBeats.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
