P2P (Peer-to-Peer) Scams on Binance

🎯1. Fake Sellers/Buyers: Scammers pose as sellers or buyers on Binance's peer-to-peer trading platform. They may initiate trades with users, claiming to offer attractive rates for buying or selling cryptocurrencies. However, once the trade is initiated, they may disappear without completing the transaction or providing the agreed-upon funds.

🎯2. Impersonation: Scammers impersonate legitimate sellers or buyers by using similar usernames or profile pictures. They may deceive users into thinking they are dealing with a trusted party, only to disappear after the trade is initiated.

🎯3. Payment Fraud Some scammers manipulate the payment process by providing false payment confirmations or using reversible payment methods. For example, they may claim to have sent a bank transfer or payment via digital wallets, but the transaction is either fake or reversible. By the time the victim realizes, the scammer has already received the cryptocurrency without paying for it.

🎯4. Account Takeover Scammers may compromise legitimate Binance accounts and use them to initiate trades on the peer-to-peer platform. They may then trick users into sending funds to their own wallets, posing as the account owner.

🎯5. Chargeback Fraud In some cases, scammers may use payment methods that allow chargebacks, such as bank transfers or certain digital wallets. After receiving the cryptocurrency, they initiate a chargeback, reversing the payment and leaving the seller with no funds and no way to recover the lost cryptocurrency.

Tips to Avoid P2P Scams:

1. Verify the Counterparty Always verify the identity and reputation of the counterparty before initiating a trade. Check their trading history, feedback ratings, and verify their profile details.
#ScamRiskWarning $BTC