Binance’s Peer-to-Peer (P2P) trading platform allows users to buy and sell cryptocurrencies directly with one another, offering flexibility and access to various payment methods. However, its decentralized nature makes it a target for scammers. Awareness and caution are key to protecting your funds. Here’s what you need to know about Binance P2P scams and how to stay safe.
Common Binance P2P Scams
1. Fake Payment Proof: Scammers may send forged screenshots or manipulated payment confirmations to trick sellers into releasing crypto before actual payment is received.
2. Chargeback Fraud: A buyer pays using a reversible method (e.g., PayPal or certain bank transfers), then reverses the payment after receiving the crypto, leaving the seller empty-handed.
3. Impersonation Scams: Fraudsters pose as Binance support or trusted traders, often contacting users outside the platform (e.g., via WhatsApp or Telegram) to lure them into fake deals.
4. Overpayment Scams: A buyer sends more than the agreed amount, then requests a refund for the excess, often using stolen funds that later get reversed.
5. Phishing Links: Scammers send fake Binance login pages or malicious links to steal account credentials or two-factor authentication (2FA) codes.
How to Protect Yourself
Verify Payments Thoroughly: Always confirm that funds have been credited to your account before releasing crypto. Don’t rely on screenshots or unverified confirmations.
Use Trusted Payment Methods: Stick to secure, non-reversible payment methods supported by Binance P2P. Avoid off-platform transactions or methods prone to chargebacks.
Stay on the Platform: Conduct all communications and transactions within Binance’s P2P system. Avoid moving to external apps or sharing personal details.
Enable 2FA and Anti-Phishing Codes: Secure your Binance account with two-factor authentication and set an anti-phishing code to identify legitimate Binance emails.
Check User Profiles: Review the trading history, completion rate, and feedback of your counterparty. Be cautious with new or unverified accounts.
Report Suspicious Activity: If something feels off, report the user immediately through Binance’s support system and avoid proceeding with the trade.
What to Do If You’re Scammed
If you suspect a scam, act fast:
1. Report the issue to Binance via the P2P platform or customer support.
2. Provide all relevant evidence, such as chat logs, payment details, and transaction IDs.
3. If funds were stolen, contact your bank or payment provider to report fraud.
4. File a complaint with local authorities or cybercrime units, if applicable.
