Understand Binance's P2P Shield Merchant Plan to ensure transaction security

Binance Blog has released a new article introducing the Binance P2P Shield Merchant Program, which aims to improve the security and reliability of peer-to-peer (P2P) transactions. The program aims to provide users with a safer trading environment by reviewing and verifying merchants with rich experience and reliability on the platform. Shield Merchant refers to a trader who has been active for more than 90 days and has completed transactions with many independent counterparties. They need to deposit margin on the platform as a financial guarantee for their secure transaction commitments. The Shield Merchant Program includes Binance’s strict audit process to ensure that these merchants promote safe and reliable trading practices. Users can easily identify shield merchants by viewing the shield icon next to the merchant name on the Binance P2P platform. This icon indicates that the security and integrity of its transactions have been improved. The program is particularly beneficial to users in areas where traditional fiat currency trading channels are restricted, as it provides a flexible and convenient way to convert digital assets into fiat currency or other cryptocurrencies. In order to further strengthen the security of P2P transactions, Binance launched the "Shield Merchant User Protection Program". The program reviews and verifies P2P merchants with good transaction history, no bank account freeze negative feedback, and meets other strict standards. Merchants who pass the audit will receive a special badge next to their name, indicating that they comply with high standards and maintain reliable trading behavior. By trading with “Shield Merchants”, users can get additional security and peace of mind because they know that these merchants have undergone strict reviews. For users who only choose to trade with "Shield Merchant", Binance P2P platform provides the "Shield Merchant Only" filtering function. This feature allows users to view only offers from verified Shield merchants, ensuring a safe transaction experience. In addition, Binance also provides compensation policies for users whose bank accounts are frozen due to merchant reasons, and can receive up to 100% compensation, depending on the jurisdiction in which the user is located. The policy will be reviewed by the Binance P2P team to ensure fairness and compliance. The launch of the Shield Merchant Program is designed to improve the level of proven merchants and provide users with the transparency needed for safer and more convenient transactions, thus solving the security risks in P2P transactions. Binance continues to innovate and invests in security-centric technologies and enhanced platform capabilities to make the cryptocurrency market safer and easier for users of all experience levels. Whether it is a novice in Binance P2P platform or an experienced trader, choosing a shield merchant can help users trade smarter and safer.