As cryptocurrency trading grows, so do scam tactics. Watch out for the Paid-But-Canceled scam on Binance P2P.
What is a Paid-But-Canceled Scam?
A fraudulent seller convinces a buyer to cancel their order after payment, claiming issues with the transaction and promising a refund or new transaction. Once you cancel, they keep both payment and cryptocurrency.
How to Protect Yourself:
1. Never cancel an order after payment until refund confirmation.
2. Be cautious of too-good-to-be-true deals and report suspicious activity.
3. Keep communications on Binance; don't share personal details outside the app.
4. File an appeal if the seller doesn't release crypto after payment.
Best Practices for Secure P2P Trading:
- Check seller ratings and reviews.
- Use Binance's escrow service.
- Secure passwords and monitor account activity.
Stay Informed, Stay Safe!
Binance is committed to your security. Knowing how Paid-But-Canceled scams work and following these tips will help you trade confidently.
Helpful Resources:
- Binance P2P Safety Guide
- Binance Support: Reporting Suspicious Activity
- Binance Academy: Avoiding Common Cryptog Scams
Educate yourself, trade safely.
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