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🔐 P2P Crypto Safety: How to Spot and Avoid Pay-to-Canceled-Order Scams:
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📌 Peer-to-peer (P2P) crypto trading offers users flexibility, competitive prices, and a decentralized way to exchange assets. Platforms like Binance P2P have made it easier and safer for traders to buy and sell crypto directly with one another. However, with the rise of P2P trading, a new breed of scam has emerged — one that targets users’ trust and exploits timing: the Pay-to-Canceled-Order scam.
📌 This guide explains how the scam works, what red flags to watch for, and what actions you should take to protect yourself. It’s essential for both new and experienced crypto traders to stay informed and alert.
📌 What Is the Pay-to-Canceled/Expired-Order Scam?
📌 The Pay-to-Canceled-Order scam (also called “Expired-Order scam”) happens during a P2P crypto trade when the scammer cancels or lets the order expire, but still pressures the buyer to send funds anyway.
⚠️ Here’s how the scam typically works:
1. A buyer places a P2P order to purchase crypto.
2. The scammer (posing as the seller) either cancels the trade or lets it expire.
3. Despite the cancellation, the scammer continues communicating with the buyer through private or external channels (WhatsApp, Telegram, SMS).
4. They pressure the buyer to still send the payment, using lies like:
• “It’s a system error, I’ll release the crypto manually.”
• “I’ve already locked your crypto, don’t worry.”
• “I canceled by mistake, just send the money quickly before price changes.”
5. Once the payment is sent, the scammer disappears — and because the order was already canceled, the platform cannot release any crypto.
🔍 Why This Scam Is So Dangerous
• Plausible Deception: The scammer makes it seem like the cancellation was a mistake or just a “technical glitch.”
• Forged Proofs: Scammers may send fake screenshots showing “pending orders” or “locked funds.”
• Urgency Tactics: Victims are often rushed or emotionally manipulated into sending funds.
• Outside Communication: Conversations that happen outside Binance (e.g. Telegram, SMS) are not protected or monitored by Binance.
Once a transaction occurs outside the Binance system, it cannot be reversed or guaranteed.
🚨 Real Case Example:
A victim on Binance P2P reported:
“I created an order to buy USDT, and the seller asked me to send funds to their bank. I noticed the order was ‘Expired’, but they said they would still release the funds manually. I trusted them and sent AED 5,000. They blocked me afterward. Binance said they could not help since the trade was not active.”
🔗 Binance P2P User Safety Guide
🛡️ How to Spot the Scam: Red Flags to Watch:
1. ❌ Order Status is “Canceled” or “Expired”:
Never send funds if the order status is not “Pending Payment” or “In Progress.”
Always double-check the order ID and status in the Binance P2P interface.
2. 💬 Asking You to Chat Outside Binance:
Scammers often try to move conversations to:
• Telegram
• SMS
Only use Binance’s in-platform chat. All communications in the official P2P chat are recorded and reviewed in case of dispute.
3. 🕒 Pressure and Urgency:
If someone is rushing you to:
• “Send the payment quickly”
• “Ignore the order status”
• “Just trust me — I’ve done this many times”
🚩 It’s a major red flag. Scammers exploit stress and rush for emotional manipulation.
4. 🖼️ Fake Screenshots or Screenshare Tricks
They might send images showing:
• Fake “locked” funds
• Fake Binance wallet pages
• Edited transaction screenshots
Do not rely on any screenshots. Trust only the live Binance P2P interface.
✅ How to Stay Safe: Binance’s Golden Rules;
📌 According to Binance P2P’s official safety page, here are the most important safety steps:
1. 📲 Never Pay After Cancellation or Expiry
“Once an order is canceled or expired, it becomes invalid. Do not send payments based on expired instructions.” — Binance P2P
Always double-check the status before sending any funds. If it’s not active, cancel the transaction and start over.
2. 🔒 Keep All Communication on Binance:
Using Binance’s chat:
• Preserves evidence
• Allows Binance support to investigate disputes
• Ensures both parties are held to the Terms of Service
Binance does not protect trades done outside the platform.
3. 🛠️ Use Binance’s Dispute Feature:
If anything seems suspicious:
• Pause the transaction
• Do not confirm payment
• Click “Appeal” or “Dispute”
A Binance moderator will step in to review.
🧾 What to Do If You’ve Been Scammed:
If you realize you’ve been tricked into sending payment outside of an active Binance P2P order, act immediately:
1. 🖼️ Gather Evidence:
• Screenshots of:
• Payment receipts.
• Chat messages.
• Order IDs and timestamps.
• Any contact details of the scammer.
• Bank transaction details.
2. 📞 Contact Binance Support:
Visit:
🔗 https://www.binance.com/en/support
Open a ticket and upload all evidence. While Binance may not always be able to retrieve lost funds, they can:
• Investigate the scammer
• Ban their account
• Prevent further victims
3. 📍 File a Police Report:
In some cases, Binance may ask you to:
• Submit an official police report
• Provide your complaint number
This is especially important for larger losses or if legal action is needed.
4. 🚫 Warn Others:
Report the scammer’s:
• Username
• Bank account number
• Alias
To Binance’s fraud reporting page or public warnings, if applicable.
📚 Educational Resources to Stay Protected:
• Binance P2P Official FAQ:
🔗 https://www.binance.com/en/support/faq/360041066751
• Binance Scam Alert Blog:
🔗 https://www.binance.com/en/blog/security
• Binance P2P Safety Tips (Video):
▶️ Watch on YouTube
• Binance P2P Terms of Service:
🔗 https://www.binance.com/en/terms
🧠 Final Thoughts:
P2P crypto trading opens exciting doors for individuals looking to control their own financial journey — but it also demands vigilance.
📌 Remember:
• Never trust anyone who asks you to send funds after an order is expired or canceled.
• Always verify the order status.
• Keep all communication within Binance.
Scammers are getting more sophisticated — but by staying alert, understanding their tactics, and using platform tools wisely, you can trade safely and confidently.