Binance P2P lets you buy and sell crypto with millions of users worldwide.
But like any online platform, it's important to be aware of potential scams.
This guide will explain the most common Binance P2P scams and show you how to protect yourself.
Beware of These Deceptive Tactics:
Fake Proof of Payment:
Scammers might send you a fake receipt for a payment that never happened. Always double-check your bank account or wallet before releasing any crypto.
Paid But Canceled:
A seller might accept your order, but then refuse to release the crypto after you pay. They may make excuses and ask you to cancel the order first. Never cancel an order until you receive your refund!
P2P Chargebacks:
This happens when a buyer claims they didn't authorize a payment after you've released the crypto. To avoid this, use secure payment methods and avoid third-party payments.
Binance Customer Support Impersonation:
Scammers might pretend to be from Binance support and trick you into canceling a legitimate order. Never share personal information or cancel orders based on phone calls. Report any suspicious calls to Binance.
Triangle Scam:
Two scammers work together. One offers crypto for sale, another (fake) buyer sends a fake payment receipt, and the seller sends the crypto to the scammer instead of the real buyer. Only share payment proof within the Binance platform.
Overpayment Scam:
A scammer sends you more money than agreed and asks you to refund the difference. This refund can be reversed later, leaving you with nothing. Don't be tempted by offers of extra money.
Protect Yourself with These Tips:
Use Safe Payment Methods:
Choose P2P payment options with strong security features like two-factor authentication and fraud protection.
Don't Fall for Unrealistic Offers:
If a deal seems too good to be true, it probably is. Be wary of offers that are far below market value.
Report Suspicious Activity:
If something seems off, report it immediately to Binance and your financial institution.
How to Report a Binance P2P Scam
If you experience a scam, report it as soon as possible:
Report Scam Button:
On the transaction details page, click "Report Scam" to file a report with Binance.
Binance Support:
Log in to your Binance account and contact support through the "Binance Support" icon. Choose "Report Scam" to access the reporting form.
Case-Specific Reporting:
If your situation doesn't fit any listed categories, report it as "Others."
Stay Safe and Enjoy P2P Trading
By following these tips and staying informed, you can significantly reduce your risk of falling victim to scams on Binance P2P. Remember, vigilance and awareness are your best defense. Now you can trade with confidence!
