What Happens After a P2P Order Is Created?
When a P2P order is created, the key terms are fixed:
the amount of cryptocurrency
the price
the payment method
the terms of the advertisement
the corresponding amount of cryptocurrency is locked in escrow
Escrow ensures that the cryptocurrency remains locked for the duration of the order and is released to the buyer only after the payment conditions are fulfilled.
While the order remains open, its terms cannot be changed. This means:
The buyer must pay exactly the fiat amount specified in the order
The seller must release exactly the amount of cryptocurrency specified in the order
The amount, price, or payment method cannot be changed after the order is opened.
If the parties agree to different terms, the current order must be canceled and a new one created with updated terms.
Can a P2P Order Be Canceled?
Cancellation Before Payment
The buyer may cancel the order unilaterally in accordance with EMCD P2P rules.
Cancellation is available if:
the payment hasn’t been made yet;
the Confirm Payment button hasn’t been clicked.
Once canceled:
the order is canceled
the locked cryptocurrency is automatically released from escrow and returned to the seller
The seller cannot cancel the order at this stage.
Cancellation After Payment
Once the buyer has sent the transfer and marked the order as Paid, unilateral cancellation is no longer possible.
In this situation, two scenarios are possible:
1. Payment received but violates trading rules
If the received payment violates P2P trading rules, the seller may open a dispute through the platform. For example:
The transfer was made from a third-party account
A payment method not specified in the order was used
The sender’s name does not match the account details
Other platform rule violations are identified
In this case, the seller cannot simply cancel the order.
After a dispute is opened:
Support reviews the order details
If a violation is confirmed, the platform may require the seller to return the funds to the buyer
The order can only be completed or canceled after the dispute is resolved
2. The seller wants to cancel due to a market price change
If:
the payment is made correctly - the amount fully corresponds to the order
the payment method complies with the conditions
the transfer is made by the account owner
the difference between the order rate and the market rate does not exceed 10%, for orders over 1000 USDT - the allowable deviation is 5%
Then the seller is obliged to complete the order and release the cryptocurrency to the buyer.
Refusal to complete the order due to a price change is considered a violation of P2P trading rules and may result in measures taken by EMCD P2P.