P2P Fraud on Binance The Hidden Risk Every Trader Must Know
P2P Peer to Peer trading on Binance is a game changer you can buy and sell crypto directly with other users, no middleman. But with freedom comes a new type of fraud that many traders still underestimate.
Here’s how P2P fraud happens:
Fake Payment Proof Scammer sends a screenshot of a successful bank transfer, but the money never arrives.
Chargeback Scam Buyer pays you, you release the crypto, then they reverse the payment through their bank.
Third Party Payment Trap Funds come from an unknown account, later flagged as suspicious, freezing your bank account.
Overpayment Trick Fraudster accidentally sends extra money and asks for a refund, then the original payment bounces.
Why it works In P2P, trades rely on trust and speed. Scammers exploit urgency, inexperience, and the belief that it can’t happen to me.
How to protect yourself:
Always confirm funds in your bank before releasing crypto.
Only trade with verified Binance P2P merchants.
Never accept third party payments.
Keep chat and payment proof inside Binance’s system for dispute protection.
In P2P, you’re not just trading crypto you’re trading trust. Protect it like your portfolio depends on it because it does.
