Binance P2P is one of the most trusted platforms for buying and selling cryptocurrencies directly with other users. With its secure escrow system and wide selection of verified merchants, Binance P2P ensures a safe trading environment. However, some scammers still attempt to exploit inexperienced users, and one of the most common frauds is the Pay-to-Cancel Order Scam. In this article, we’ll explain how this scam works, how to spot it, and the best ways to stay protected while trading on Binance P2P.
What is a Pay-to-Cancel Order Scam?
The Pay-to-Cancel Order Scam occurs when a scammer tricks the buyer into making a payment outside of Binance P2P’s official payment process. The scammer may create a sense of urgency or offer an irresistible deal to push the buyer to pay directly through a bank transfer or external method. Once the buyer sends the payment, the scammer cancels the order on Binance P2P and claims that no transaction ever happened. As a result, the buyer loses both the payment and the crypto because Binance’s escrow service does not cover off-platform transactions.
How the Scam Works on P2P Platforms
Fake Security Alerts: Scammers may claim that Binance’s system is slow or temporarily down and ask you to pay directly for faster processing.
Order Cancellation: After receiving your money, the scammer cancels the trade on Binance P2P and refuses to release the crypto.
External Communication: They might insist on switching the conversation to apps like WhatsApp or Telegram to avoid Binance’s monitoring.
Disappearance or Denial: Once payment is made, the scammer either disappears or outright denies receiving any funds.
Key Red Flags to Watch For
The seller requests payment through unofficial channels outside Binance P2P.
There is urgency or pressure to pay quickly without proper order confirmation.
The price offered is significantly below the current market value, making it suspiciously attractive.
The seller’s account is new, has a low number of completed orders, or has poor ratings and reviews.
The seller asks to communicate outside the Binance P2P chat system.
How to Stay Safe When Trading on Binance P2P
1. Use Verified Payment Methods Only
Always complete payments using the options listed within the Binance P2P platform. The escrow system ensures that the crypto is held securely until both parties confirm the transaction.
2. Communicate Only Within Binance P2P
Keep all communications within the Binance P2P chat. This ensures that any discussions or agreements are recorded and can be used as evidence if disputes arise.
3. Verify Seller Ratings and Reviews
Check the seller’s transaction history, ratings, and feedback from other traders. Opt for verified merchants and those with a high order completion rate.
4. Confirm Payments Correctly
Only click “Payment Made” after transferring the funds through the specified method on Binance P2P. Never confirm payments if you haven’t completed the transfer within the platform’s guidelines.
5. Avoid Cancelled Orders and Manual Requests
If a seller cancels an order and requests you to resend payment or create a new order manually, do not comply. Instead, report the incident to Binance support.
What to Do If You Are Targeted by a Scam
Report the Scammer on Binance P2P: Use the in-app reporting tool to flag the scammer immediately.
Open a Dispute: If you have paid through the official method and the crypto is not released, open a dispute to seek Binance’s mediation.
Provide Complete Evidence: Share screenshots of your payment, chat history, and any other relevant records.
Contact Your Bank: If you sent funds via bank transfer, contact your bank as soon as possible to request a reversal or freeze of the payment.
Binance P2P Security Features
Escrow Protection: All trades on Binance P2P are protected by the escrow system that holds the crypto securely during the transaction process.
Verified Merchant Program: Binance has a program for verified merchants, providing an additional layer of trust.
Monitoring and Risk Control: Binance employs dedicated teams and technology to detect fraudulent activity and ensure platform integrity.
Educational Content: Binance frequently updates users with safety tips, best practices, and fraud awareness content.
Conclusion
Binance P2P remains a safe and efficient platform for peer-to-peer crypto trading, but safety starts with the user. By following platform rules, using verified payment channels, and being aware of common scams like Pay-to-Cancel Orders, you can trade confidently and securely. Remember, if something feels suspicious or too good to be true, it probably is.
Trade smart, stay protected — only on Binance P2P.
