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AMA Recap | How Huobi P2P Keeps Your Assets Safe

Since Bitcoin (BTC) started gaining popularity in recent years, governmental departments around the world have been keeping a close eye on cryptocurrency. Similar to the internet, the rapid development of the cryptocurrency market has spawned a plethora of issues, including new romance scams and Ponzi schemes.

To help protect users against fraud and other criminal activities, Huobi has developed an advanced risk control system to secure transactions. This system not only keeps users’ data safe but reduces customer friction as it speeds up payment and transactions for trusted users. On 27th August, Jeff Mei, Director of Huobi Global Strategy, was invited to the Huobi Global Telegram group as the guest of the AMA on the Huobi P2P risk control system. Let’s see what they have been talking about!


🔹 1.Theft, hacking, and other crimes in the global cryptocurrency world are becoming more and more prevalent. People often face risks when they enter the crypto world. As one of the world’s most important crypto exchanges, what does Huobi have to say about this trend?

According to a report published by the Federal Trade Commission (FTC), cryptocurrency investment scams have become more and more prevalent, with nearly 7,000 people reporting losses of more than $80 million since October 2020, or about twelve times the number of reports compared to a year earlier.

We believe that the current stage of the crypto industry is not unlike that of the internet in its early development stages in the 90s — new romance scams and Ponzi schemes are commonplace. To help protect our users against fraud and other criminal activities, we have developed an advanced risk control system to secure transactions. This system not only keeps users’ data safe, but also reduces customer friction by speeding up payments and transactions for trusted users.

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🔹2. We know that many crypto crimes often occur in P2P transactions. Can you give us a brief introduction as to what Huobi P2P is? And, how does Huobi P2P defend against and combat potential crypto crimes?

P2P (C2C) refers to Peer-to-Peer trading in some regions, and is also known as Customer-to-Customer trading. Users can directly buy and sell Bitcoin & other digital currencies with other users, at a desired price and with their preferred payment method on Huobi P2P.

To help protect users against fraud and other criminal activities, Huobi has developed an advanced risk control system to secure transactions. Huobi P2P’s risk control strategy consists of multiple strategies to identify and intercept potential risks: isolating fiat currency trading governed under regulatory requirements, a well thought out anti-romance scam strategy (For Indonesia, Taiwan and Malaysia currently), order real-time monitoring, and setting up funds to incentivize users for reporting scams, etc.

🔹3. You mentioned earlier that for P2P transactions on Huobi, advertisers need to go through more advanced KYC certification processes. Why is this? If we go through advanced certification processes, how can you guarantee that our personal information is secure?

Currently, advertising on Huobi P2P is completely free, which means that the barrier to entry is relatively low. To ensure the safety and mutual trust of both parties for each transaction, we’d like users to complete advanced KYC certification, which can also help us better understand users.

As for your second question protecting customer information security lies at the core of our value proposition — it’s in our interest to do so as we want to maintain trust in the platform and retain users. We have a vested interest in preventing the leak of private user information.

🔹4. Can you give us a detailed introduction to Huobi’s anti-romance scam strategy?

Huobi’s anti-romance scam strategy can quickly identify potential victims of romance scams and intercept any fraudulent transactions as quickly as possible. In addition to intercepting transactions and providing risk education related to romance scams, Huobi P2P issues risk warnings to users who send assets to medium- and high-risk addresses. Furthermore, all addresses deemed to have fraud potential are monitored to prevent funds from being withdrawn, until the necessary clarifications are made.

Huobi is committed to expanding the coverage of its risk control strategy to improve user security. On July 22, 2021, an updated anti-romance scam strategy was launched to protect any users who may become victims of romance scams in Indonesia. If a user is identified as a potential victim, Huobi P2P will immediately contact the user, to ensure asset security.

🔹5. Tell us about Huobi P2P’s anti-money laundering capabilities?

Huobi P2P operates with industry-leading anti-money laundering standards. It first considers the various risk factors associated with certain customers who are suspected of laundering money. From there, we monitor risks by correctly identifying customers, regularly reviewing basic customer information, and testing customers’ risk levels on an ongoing basis. If any risks are flagged, then we take the review procedure to the next level.

After the risk control system or risk control staff evaluates the user and finds the user to have directly participated in or assisted in money laundering and/or criminal activities, their accounts and related account functions will be permanently restricted.

🔹6. You’ve just introduced Huobi P2P’s risk control system and strategy. Now we understand how Huobi P2P protects user assets. But how does buying coins through Huobi P2P work, can you share with us how to securely buy coins through the platform?

OK, all right, so Huobi P2P is actually very easy to use. Users can directly buy and sell Bitcoin & other digital currencies with each other at a mutually agreed upon price and payment method on Huobi P2P. The digital assets will be released to the buyer’s Huobi account, after the buyer has transferred the payment amount to the seller and after the seller has confirmed receipt of the payment amount on Huobi P2P. If a user reports a problem, customer service will take a look and intervene if necessary. Users can also refer to our tutorial here:

Currently, Huobi P2P supports 29 legal currencies and eight cryptocurrencies: BTC/USDT/ETH/HT/EOS/HUSD/XRP/LTC. You can purchase currencies through up to 97 payment methods. In addition, if you think that there are popular payment methods in your local area that should be added, please let us know we’ll consider adding them.

🔹7. Finally, what else do you want to share with the audience?

I’d like to add one more final point. Huobi P2P has created a 50,000 HUSD Safety Fund to incentivize anyone who helps report scammers.

If you find any abnormal ads, suspicious advertising behavior or misleading instructions from users, you can report them so that we can examine the issue more closely. If it turns out that you’ve reported a scam, you’ll get a reward from us!

🔹Make sure to follow Huobi on our social channels:

Twitter | Telegram | YouTube

Thanks for reading!

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Trading in digital assets comes with high risks due to huge price fluctuations. Users should be fully aware of the risks associated with digital asset trading and make prudent trading decisions.

Huobi Global’ s announcements and information do not constitute investment advice, and Huobi will not bear responsibility or provide compensation for direct or indirect losses arising from trading decisions whilst relying on this information.



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