Scammers exploit peer-to-peer (P2P) trading on Binance by using various tricks to steal millions from unsuspecting traders. Here are the most common scams and how to protect yourself:
1. Fake Payment Confirmations
How It Works: The scammer marks the trade as "paid" without actually sending the money. They may even send a fake payment receipt.
How to Avoid: Never release crypto until you confirm the payment in your bank account.
2. Chargeback Scams
How It Works: The scammer sends payment, receives crypto, and then requests a chargeback from their bank, claiming fraud.
How to Avoid: Prefer reputable buyers with a verified history and avoid high-risk payment methods like credit cards.
3. Third-Party Payment Fraud
How It Works: A scammer uses a hacked bank account to send payment. The real account owner later reports fraud, and the funds are reversed.
How to Avoid: Only accept payments from an account that matches the buyer’s Binance-verified name.
4. Social Engineering & Fake Support Scams
How It Works: Scammers pretend to be Binance support and ask for sensitive information like 2FA codes or personal details.
How to Avoid: Binance will never ask for your login details or 2FA codes.
5. Overpayment Scams
How It Works: A scammer sends more money than required and asks for a refund. They then reverse their initial payment.
How to Avoid: If overpaid, refund only after ensuring the original payment can’t be reversed.
6. Phishing Links & Fake Websites
How It Works: Scammers send links to fake Binance websites to steal login credentials.
How to Avoid: Always double-check the website URL before entering credentials.
7. Rushed & Pressure Tactics
How It Works: Scammers rush traders into releasing crypto before verifying payment.
How to Avoid: Take your time to verify transactions; don’t let anyone pressure you.
How to Stay Safe on Binance P2P
✔ Use Binance escrow protection—only release crypto after confirming payment.
✔ Trade with verified and reputable users.
✔ Avoid deals that seem too good to be true.
✔ Keep all communication within Binance’s chat system for dispute resolution.
✔ Enable strong security settings like 2FA and withdrawal whitelists.
By staying alert and following these precautions, you can protect yourself from P2P scams and trade safely on Binance!
