The platform has received reports from some P2P merchants that their bank accounts got frozen after receiving payment from buyers in P2P trading. This article aims to provide you with advice on preventing and handling such account freezes.

Possible reasons for account freezing are as follows:

• These buyers purchased crypto on BingX P2P and transferred it to another platform for trading, yet were scammed. After they reported it to local authorities, both the scammers' and the innocent BingX P2P sellers' accounts were frozen.
• These buyers made payment via third parties' bank accounts, which may pose money-laundering risks.
• These buyers left remarks containing sensitive words related to cryptocurrency/exchange.

To protect your bank account as a P2P seller, you're advised to consider the following precautionary measures:

• Compare the buyer's KYC name with the payment account name, and request additional identity verification if necessary:
  After the buyer places an order, if you find their identity suspicious, you can request additional identity verification documents from them in the chat. If the buyer refuses to provide them, or if their KYC name does not match the recipient account name, you have the right to request the buyer to cancel the order and payment. If payment has already been received, submit an appeal to the platform for intervention and negotiation of a refund.
• Use dedicated accounts:
  Designate a bank account for P2P Trading only and keep it separate from your accounts for daily transactions to minimize the impact of account freezing.
• Warn buyers of fraud risks:
  During transactions, you can inform buyers of the risks associated with trading cryptos on other non-mainstream platforms and make a disclaimer.
• Avoid frequent small transactions:
  Try to reduce the frequency of transactions and increase the amount of your transactions.
• Be careful with remark content:
  Exercise caution with remarks, and advise buyers to refrain from mentioning cryptocurrencies or related terms such as P2P, USDT, BingX, etc. while making a payment/transfer.

In the event of account freezing, take the following steps:

1. Immediately contact your bank to report the frozen account and provide necessary information. Additionally, proactively cooperate with local authorities by providing evidence and transaction records related to P2P buyers. Seek legal advice if needed.
2. If you're unable to contact the buyer, reach out to our platform through online customer service or email (P2P@BingX.com). Provide details such as P2P order number, order screenshot, and any other evidence, and specify what assistance do you need from the platform. Upon verification, the platform will take appropriate action on the buyer and assist in resolving the freezing issue.