p2pscam

The phrase "IBAN under your name" is increasingly being used by scammers to trick users in P2P cryptocurrency trading. Fraudsters may claim they can only send or receive funds through a bank account that matches your name, then manipulate the transaction to steal your money or crypto.
Before releasing any cryptocurrency, always verify that the payment has actually arrived in your own bank account. Never rely on screenshots, SMS messages, or claims from the buyer or seller. Scammers can easily fake payment confirmations.
To stay safe:
Always confirm funds directly in your banking app.
Only trade through trusted P2P platforms with escrow protection.
Never release crypto before the payment is fully received.
Avoid requests involving third-party bank accounts or suspicious payment methods.
Report suspicious users immediately and stop the transaction if something feels wrong.
P2P trading is safe when proper security practices are followed. Stay patient, verify every payment, and never let pressure or urgency influence your decision. Protecting your funds starts with careful verification.
#P2P #P2PScam #Binance #crypto

The Binance Peer-to-Peer (P2P) market is the largest peer-to-peer trading platform in the world. It allows users to buy and sell cryptocurrencies directly with each other using their local currency.
On a global scale, the platform handles key numbers and structural features:
Figures and Global Reach
* **Fiat Currencies:** Supports over **100 local currencies** from around the world (including USD, EUR, VES, COP, ARS, etc.).
* **Payment Methods:** Offers over **800 to 1,000 active payment methods** globally, ranging from local bank transfers to international digital wallets (like Wise, Zinli, Revolut, or Zelle).

What is mobile money and how are merchants cheating P2P users on Binance?
Mobile money is used to transfer funds in local currency between two users with just the phone numbers which makes it useful for P2P on Binance. The networks used are mostly MTN and safaricom (also known as Mpesa) for Africa.
There are 2 ways to transfer money with mobile money:
Direct transfer from user to userMerchant withdrawal- after the user authorizes cashout
So apart from a user transfer another way to transfer uses this merchant cashout. This allows a user to authorize an agent to take money from his account, usually used for deposits or transactions with a mobile money agent.
The difference between the 2 methods
The difference between the method 1 and 2 is that:
for method 1 the sending P2P user enters the specific amount to send but for method 2 the receiving user(the P2P merchant) is the one who enters a requested amount for the user to approve. Note this difference.
How P2P merchants are abusing this:
Previously the first method was the default when sending.
* I send to a given number
* They confirm the amount
* They release the money on Binance
Network charges for sending are paid for by the sender
Now most of the merchants have switched to the second method.
When doing a P2P transaction for 100 USDT for instance let's say it's ¢1000 cedis . Now the merchant can input ¢1050 cedis about $5 more assuming the user won't mind or notice the increase . Instead of the requested ¢1000. (It could be Ugandan shillingsUGX, RWF, KES GHS used just for example)
If a user accepts this request for ¢1050, instead of the agreed amount of ¢1000 merchant make an extra ¢50 ($5). The sending user also pays for the network charges for sending which is usually higher with this cashout method. Sometimes the amount is deducted first before the user notices the amount is slightly higher than agreed. The merchant knows you won't complain about a small amount.
Not a big deal? A Little Math to see how much is lost
If he does this 100 times to 100 victims he makes $500 aside the commission on P2P. There are probably more than 1000 users using this method so you can calculate the loss.
The wise option: Option to refuse
Of course some users refuse (see screenshot) and the P2P transaction is not accepted. Especially if the funds in the account are not enough. Then they can go to the merchant who uses the first method where only network charges apply. Binance actually insists on accepting only the exact amount.
Problem: Most P2P merchants have adopted cashout method instead of direct transfer
The problem is that now a lot of P2P merchants, even verified ones, are switching to the second method because of the extra money they make. Now it's difficult to find a merchant who does the first method of direct transfer especially when you need the USDT transfer urgently. Many users just accept their fate and pay the extra that is stolen.
The end result
1. Users pay higher fees than the regular direct transfer
2. Users pay more per withdrawal/deposit than therate agreed by on Binance
3. Merchants profit twice; from their rates advertised on binance and the difference they steal from p2P users
Now many users are discouraged because most of the merchants are using this method and prefer not to use P2P on Binance. If binance doesn't do something about this, many users will keep getting their money stolen and the wise ones will stop using P2P for deposits and withdrawal on Binance.
Please help stop this theft.
If you have a similar experience drop it in the comments or like and share this post so someone at Binance sees this.
#MobilePayments #P2PScam #P2P
@Binance Labs @Binance South Africa Official
@BinanceAfrica

Today I almost lost $100 on P2P 😳
The buyer sent me a payment screenshot and said:
“Bro, that’s my other account. Check this number instead.”
Something felt suspicious, so I opened my banking app and checked myself…
And guess what? ❌ No payment was received.
If I had released the crypto in a hurry, I would’ve lost my funds instantly 💔
Lesson learned 👇
✅ Never trust screenshots only✅ Always verify payment in your own banking app✅ Avoid third-party payments✅ If the buyer is rushing you, it’s a red flag 🚩✅ Always verify payment in your bank app yourself✅ Never release crypto based on screenshots✅ Avoid third-party accounts/payments✅ Trade only with verified & high-completion merchants✅ Keep all chats inside Binance✅ Never share OTPs or verification codes
✅ If suspicious → Open Appeal immediately
Stay safe everyone 🔐
Protect your funds. Protect your bank account. Trade smart. 🔐
Scammers are using new tricks every day.
Remember Again:
P2P trading is fast & convenient, but scammers are getting smarter every day. Before releasing your crypto, double-check EVERYTHING. One small mistake can freeze your bank account or make you lose your funds forever.
#BinanceP2P #P2PScam #USConsumerSentimentThirdMonthDecline