Binance is developing the “P2P automation” function in 2022.
Once this feature is launched, all merchants will have the opportunity to operate like a spot trading platform.
To this end, P2P is establishing partnerships with transaction gateways and wallet service providers around the world, with the goal of fully automating P2P transactions, as well as smooth fiat currency transfers between users, eliminating scams and wrong transactions, and creating safer P2P traders.
Here’s how “P2P Automation” works:
Two users only initiate a transaction when they request a match from each other.
The buyer pays directly to the seller’s e-wallet/bank account via the seller’s preferred payment method.
For Binance P2P:
Automation will double trust and prevent criminals from deliberately failing to complete transactions and stealing user funds.
For payment gateway services:
Payment gateways/aggregators provide P2P users with a reliable way to transfer fiat currencies while providing the technical infrastructure for Binance P2P to track payment status.
With P2P automation, Binance P2P handles the release of cryptocurrencies for custodial assets without human intervention.