Understanding the Scam of Paying for a Canceled/Expired Order in P2P Cryptocurrency Trading
The Binance Blog published a new article, revealing information about a recent trend of scams targeting peer-to-peer (P2P) cryptocurrency traders. The article aims to educate users about the scam of paying for a canceled/expired order, a deceptive tactic used by fraudulent sellers to trick buyers into sending payments after a trade order has been canceled or expired. This scam exploits the urgency and confusion that are often present in P2P transactions, making it crucial for traders to be aware and vigilant.
The scam typically starts with the scammer pretending to be a seller and listing a cryptocurrency offer at an attractive rate to lure buyers. Once a buyer initiates the trade, the scammer employs various delaying tactics during the order window, such as providing incorrect payment details or requesting unnecessary information, to stall the process. As the order approaches expiration or after it has been canceled, the scammer pressures the buyer to make the payment, falsely claiming that the order can be reactivated or extended. This creates a false sense of urgency, leading the buyer to send funds for an invalid order. The scammer may even use forged screenshots to convince the buyer that the transaction is still valid. Once the payment is made, the scammer quickly withdraws the funds, leaving the buyer with no cryptocurrency.
To protect themselves from such scams, Binance advises users to never send payments for canceled or expired orders, as these cannot be reactivated. It is essential to remain cautious of offers that seem too good to be true and keep all communications within the Binance platform to ensure safety. If a buyer suspects any fraudulent activity, they should report it immediately to Binance Support. In cases where a payment has been made but the cryptocurrency is not released, users are encouraged to file an appeal with the Binance support team, which is available to help resolve such issues.
The article emphasizes the importance of documenting all communications and transactions if a scam occurs and reporting the incident promptly to Binance Support. Scams like the trick of paying for a canceled order take advantage of quick decisions and a false sense of urgency, exploiting basic features of the P2P process. While Binance has implemented safeguards such as custody and reporting systems, users must remain vigilant and check the status of orders to ensure their safety. The article concludes by reminding traders that security is a shared responsibility, and staying informed and cautious is key to preventing scams.
