Tightening all Loose Ends: Binance Upgrades its P2P Risk Management System

[RSRS]

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. Per the announcement shared by the exchange, 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.

The major upgrades effected include the addition of new requirement to the buy and sell advertisements on Binance P2P. This is targeted at reducing all low-quality, inactive or unreliable advertisements by as much as 99%.  The exchange also affirmed it upgraded its matching logic to allow traders get paired only with trusted traders and verified merchants. The firm said in the shared announcement, saying;

“During the first half of 2021, Binance P2P welcomed more users than ever, growing by 10X to more than 1M active users on a weekly basis. We take our responsibility seriously when it comes to making sure that all our users have a safe and secure experience. By securing our platform with industry-leading security measures and proactively launching user-education initiatives to maximize awareness of best practices, we hope to welcome even more users to the world of crypto.”

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