In a centralized exchange the price of crypto is set by exchange itself, which is a monopolistic practice which is not in the case of p2p as people set their own margins for buying or selling, there is competetiveness..
2ndly for a crypto to be cashed out, either you choose to go centralized exchange or you use p2p exchange which provides an escrow service,
We see many scenarios where cex falls out of liquidity because they have to cash out funds for users, which is not the case in p2p as people trade among themselves..
A centralized exchange is just a platform like eBay where the seller and buyer set their own price and when it matches the trade will execute on an exchange whereas in p2p when someone posts a price and if you feel its okay then you will proceed further and that is the difference if you don't realize it in case.
Secondly, I can give thousands of examples of scams that happened in p2p which means the fiat sender gives false payment receipt and give some excuses for the trade to be released so the risk exists everywhere and not really exchange like Binance runs out of liquidity.
