Peer-to-Peer (P2P) trading is one of the most convenient ways to buy and sell crypto. However, with its growing popularity, scammers have also found new ways to exploit unsuspecting users. Recently, cases of P2P scams on Binance have been increasing, putting traders at risk of losing their funds.
🔎 How the Scam Works
1. Initial Setup
The victim places a P2P order and transfers fiat money to the scammer.
2. Trick to Cancel
After receiving payment, the scammer contacts the victim—often through phone calls or messaging apps like Telegram—asking them to cancel the order in exchange for a “refund.”
If the victim cancels, the scammer keeps both the fiat and the cryptocurrency.
3. Impersonation of Binance Support
More advanced scammers pose as official Binance representatives.
They convince victims to scan a Web Login QR code, which secretly gives scammers full access to the victim’s account.
Once inside, they cancel the order and withdraw or sell the cryptocurrency.
🛡️ How to Protect Yourself
Never cancel an order after making payment. Cancelling gives full advantage to the scammer.
Verify all communication. Binance will never ask you to scan a QR code through unofficial channels. Always check directly within the app or website.
Stay alert to red flags. If someone pressures you to act quickly, it’s usually a scam.
Use official Binance customer support. Do not trust random Telegram accounts, emails, or phone calls.
🚨 Final Thoughts
P2P trading can be safe and efficient when used correctly. The key is staying vigilant and protecting your account credentials at all times. Scammers rely on creating urgency and confusion—don’t give them the chance.
