Welcome to this episode of the dialogue. Today, we have a Binance C2C merchant "Kunlun" (pseudonym) with us to talk about how he entered the crypto space, why he chose to become a "frozen compensation" merchant on Binance C2C, and how he uses the 'frozen compensation' mechanism to provide security for users in his business. We hope that through this interview, everyone can understand the value and services of Binance C2C from scratch.
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To make it easier for everyone to read, we have distilled the core viewpoints of the merchant:
- User withdrawal safety is always the top priority and collective consensus of Binance C2C merchants.
- Transaction speed is also crucial; deposits and purchases must be timely, or customers may incur losses.
- Choosing Binance because the C2C product is simple yet efficient, with high traffic.
- The frozen compensation mechanism introduced by Binance is a qualitative change, not just a gimmick, and provides real security for users.
- After the implementation of the "frozen compensation" mechanism, user order willingness and transaction speed have significantly increased.
- Merchants feel Binance's attitude of "sharing risks" and are serious about their work.
- New merchants should fully understand C2C, communicate more, and accumulate experience gradually.
- Users choosing frozen compensation merchants are more reliable.
- The C2C market will continue to improve, and merchants need to enhance their operational and technical levels while maintaining a good service attitude.
Here is the full dialogue (organized):
- Entering the Circle and Starting Point: From Individual to Merchant
Q: When did you start paying attention to cryptocurrency? What prompted you to enter this circle and start doing C2C trading? Which platform did you first learn about?
Kunlun: I originally worked in a traditional industry and started to get in touch with cryptocurrency around May 2024. At that time, I had friends trading cryptocurrencies, so I started with Bitcoin. Later, through a few purchases of USDT from merchants, I gradually understood the operational model of C2C merchants. Initially, I was quite aggressive with contracts, using high leverage and incurring significant losses. Later, I switched to Bitcoin spot trading, coinciding with the election market rebound. After breaking even, I decided to become a long-term C2C merchant, as I felt this approach was more stable.
I approached it with a "let's give it a try" mindset and didn't tell many people around me, just quietly made the decision myself. Through a year of practical operation and interactions with platform operators, I felt that the platform has a complete compliance system and a rigorous risk control mechanism. For example, there is strict management of merchants from pre-application, daily maintenance, quality control, to customer service and product processes. This made me feel that Binance is serious about doing something and wants to improve the platform, rather than just dealing with things casually or messing around. This also gradually made me want to expand the merchant business and do more because the platform indeed has an attitude. The first platform I learned about was Binance.
Q: Are you operating C2C by yourself now or do you have a team? What is the most important thing for a C2C merchant? Have you encountered any pitfalls or memorable experiences during the operation?
Kunlun: I have two merchants myself, which have developed into a studio, and the scale is gradually growing. I think the most important thing is definitely safety, especially critical for users. Deposits are generally not a problem, but what everyone worries about is the safety of withdrawals. Additionally, transaction speed is very important; deposits and purchases must be timely, or market fluctuations may cause customers to incur losses. I always hope users can complete transactions smoothly and quickly, even after making a profit, safety remains the top priority. Regarding withdrawals, I have my own dedicated isolation method. After receiving funds, I will isolate them. Since November 15 last year, I have maintained "0" freezes.
Q: Did you start with large transactions or small ones? Besides isolation, what other factors make it difficult for merchants to get started quickly?
Kunlun: I started with 30,000, and now it's 50,000. The smoothness of payment channels is also crucial; when customers deposit, they can quickly complete transactions and buy coins immediately, which is very important for service experience.
- Why Choose to Become Binance?
Q: Compared to when you first entered the circle, what changes have you felt?
Kunlun: The industry is becoming more standardized, and the platform's security mechanisms and risk control measures are also more refined. Many problems that used to rely on personal experience to solve now have more standardized operations. Users' trust in merchants increasingly relies on platform mechanisms rather than just personal judgment.
For me, the most noticeable change is a series of policies from the Binance platform, such as support policies, the frozen compensation merchant mechanism, and various activities launched regularly. The connection between C2C merchants and the platform is very close; whether encountering problems in the operation group or handling customer complaints, feedback and solutions can be obtained promptly. In my year as a merchant, I have deeply felt that the platform has been actively launching policies and genuinely putting in effort, unlike some smaller platforms that handle things casually.
Especially the frozen compensation policy, in the short term, it may have increased margin requirements and added some thresholds and operational costs, but it also forces merchants to improve overall operational and technical service levels. In the long term, merchants can enjoy the benefits brought by platform policies: users have higher trust in the platform and are more willing to place orders with merchants participating in frozen compensation. This is actually beneficial for long-term stable development. Overall, these changes are more beneficial than harmful; the platform plays a positive role in promoting industry standards, enhancing user trust, and protecting merchant rights.
Q: Among many platforms, why did you ultimately choose to become a Binance C2C merchant?
Kunlun: First, Binance's operating interface is very simple and efficient, with few but comprehensive functions, clear layout, and high transaction efficiency. Second, after-sales response is timely; if users or merchants make payment errors, customer service can handle it immediately, and issues can be resolved directly through complaints. For example, I once accidentally added an extra zero to a payment, and after submitting a complaint, customer service quickly contacted the other party, and the customer completed the refund within two days, with the entire process being smooth. Finally, high traffic and active users are very crucial for merchants. Overall, I chose Binance because I value product experience, service efficiency, and platform traffic.
Q: After becoming a C2C merchant, what changes have occurred in your business and social circle?
Kunlun: The C2C trading model is real-time and highly liquid, allowing stable returns even with limited funds, resulting in more stable cash flow. Previously, when doing spot trading or trading cryptocurrencies, income fluctuated greatly, but C2C trading is available around the clock, with high platform traffic attracting many rational and active users. These users rely on their own knowledge and efforts to make money rather than depending on relationships or external help, and this fair and professional atmosphere gives me more confidence in the industry.
- Reasons for Becoming a "Frozen Compensation" Merchant
Q1: When you first saw the "frozen compensation" mechanism, was your first reaction positive? Is this also the reason you decided to become a Binance C2C merchant? What do you think about costs and responsibilities?
Kunlun: Yes, my first reaction was that this is a positive development. It benefits not only the platform and users but also the merchants themselves. The platform and merchants share risks, making the mechanism more reliable. Because user withdrawal safety is always the top priority and collective consensus of Binance C2C merchants.
Regarding costs and responsibilities, I believe the benefits far outweigh the drawbacks. This mechanism is mutually beneficial: merchants can avoid risks, and users gain a sense of security and trust. In the long run, if customers do not experience freezes or compensation issues during transactions, they will trust the platform more, enhancing stickiness. As trust increases, the total number of platform customers will grow, and merchants' customers and traffic will naturally increase. This not only benefits merchants but also reflects the platform's sense of responsibility and long-term operational attitude.
Previously, users had significant concerns about security, especially newcomers who were always afraid their funds would be frozen. Nowadays, information spreads quickly, but it may not always be true; new users are particularly sensitive to withdrawal safety, risks, and even legal responsibilities. The frozen compensation mechanism introduced by Binance is a qualitative change, providing real guarantees for users and significantly enhancing their sense of security and trust.
Some platforms charge fees or impose direct fines and are reluctant to share risks with merchants. However, Binance's mechanism is about the platform and merchants sharing risks, protecting merchants, enhancing user trust, and increasing platform stability. In the long run, this is beneficial for merchants, users, and the platform, making the entire ecosystem fairer and more reliable. Binance's design reflects an attitude and responsibility—everyone is serious about their work, and the platform has increased operational costs and taken on certain risks, but the goal is to do business well and provide customers with sufficient security.
Q: Does this mechanism have flaws? Some say it's just a gimmick; what do you think?
Kunlun: The frozen compensation is not unlimited compensation; there are indeed limitations. However, the overall positive cycle is very evident: it enhances user trust, and more users dare to deposit and withdraw through the platform, creating a virtuous cycle. The "frozen compensation" is not a gimmick; the platform is genuinely doing this, repeatedly promoting the policy in merchant operation groups and sharing risks with merchants, following through on their commitments.
Q: After the mechanism was implemented, has there been any change in users' willingness to place orders and transaction volume?
Kunlun: The order volume has significantly increased, and the speed of placing and hanging orders is faster; it used to take ten minutes, but now it can be completed in three minutes.
- Advice for New Merchants and Users
Q: If a newcomer wants to become a C2C merchant, what advice would you give? What about for users?
Kunlun: For merchants, first fully understand C2C, then choose and communicate more; if you don't understand something, ask in the merchant management group in a timely manner, and as the number of transactions increases, experience will also grow. Speed and safety are the most important. For users, choosing Binance, especially choosing frozen compensation merchants, is more reliable and can help avoid risks.
Q: As a C2C merchant, what is your biggest feeling?
Kunlun: C2C will continue to improve, and the market will grow stronger. This is my genuine belief. Being a merchant requires continuous learning, risk avoidance, improving operational and technical levels, and maintaining a good service attitude towards customers. Don't rush for success; everything needs to be done step by step.