something triggered me to ask this question, As a new trader As I am, we know very well that binance is no longer in Nigeria any more. some weeks ago I paid for particular coin and the seller refused to release the coin to me, the next thing he do. He went Off line for about 3 hours before coming on line again,at the end of the day he released the coin to me after 3 hours. because binance security was so secured, if the person doesn't want to release the coin.you can quickly go to appeal and everything will be settled, after giving them the screenshot of your payment receipt.
Yes that is true. That is why centralized exchange is programmed in a way that you need to send fiat first to the coin seller and you will get coin in return after successfuly sending the fiat. Binance or any Cex will automatically notify the recipient of the fiat to release the assets. And of which before you initiate the trading, binance will freezed the fund sothat the sender will not go back and sell to another person. the important of using a trading exchange is that physical p2p, people don't like to do things accordingly without laws, rules and regulations. We should be careful in what we do to avoid being scammed by people who do physical p2p.