Recently, there has been an increase in P2P (peer-to-peer) trading scams on Binance, with increasingly sophisticated tactics. This has caused serious damage to many users. Below is a detailed analysis of how these scams work and instructions on how to protect yourself.

I. How Scammers Work

Step 1: Initial setup

Scammers often target users who engage in P2P trading to buy or sell cryptocurrencies. Specifically:

  • Victim places order: User creates a crypto buy order on Binance P2P and transfers the fiat amount (VND, USD...) as required by the transaction.

  • Scammer receives money: After receiving money from the victim, the scammer intentionally does not release the coins or tries to delay the transaction processing.

Step 2: Entice the victim to cancel the order

After receiving the money, the scammer will contact the victim directly in many ways, such as:

  • Call or text via Telegram, claiming to be a seller or support staff.

  • Trick:

    • Error excuse: The scammer claims an error occurred and asks the victim to cancel the order to get their money back.

    • Psychological attack: Create pressure for the victim to quickly cancel the transaction without checking carefully.

  • Consequences: If the victim cancels the order, the scammer immediately withdraws all the cryptocurrency or sells it to another account, leaving the victim unable to recover the assets.

Step 3: Impersonate Binance staff to make the scam more sophisticated

With more wary users, scammers move on to more sophisticated tricks, such as:

  • Impersonating Binance support staff: Scammers contact victims via email, Telegram or phone, claiming to be Binance staff to gain trust.

  • Web Login QR Code Request:

    • They convince victims to scan the Binance login QR code on the web (Web Login QR Code).

    • Once the victim does, the scammer immediately accesses the victim's account, changes settings, cancels transactions, or transfers assets out.

II. Signs to Recognize a Scammer

  • Contact outside Binance system: Text or call via Telegram, Zalo, WhatsApp…

  • Bullying language: Threatening or making excuses to get the victim to cancel the transaction quickly.

  • Request for sensitive information: Ask the victim to provide QR codes, 2FA authentication codes, passwords, or account information.

  • Impersonating Binance staff: No clear way to verify, just rely on display name or words to scam.

III. How to Prevent and Protect Assets

1. After payment, never cancel the order

  • Always double check: After transferring fiat money, never cancel the order, no matter what others ask.

  • Request official support: If you encounter any problems, use the "Appeal" function directly on Binance. The support team will intervene and protect your rights.

2. Do not provide QR codes or sensitive information

  • Your login QR code and 2FA code are the keys to protecting your account. Do not give this information to anyone, including people claiming to be Binance employees.

  • Binance never asks for QR codes via Telegram, email or any unofficial channels.

3. Check contact identity

  • Trust only official support channels: Binance supports via:

    • Binance Mobile App.

    • Official website Binance.com​.

  • Do not respond to messages from third parties: If someone claims to be from Binance, double check through official channels before following the request.

4. Enable full account security measures

  • Enable 2-Factor Authentication (2FA): Via Google Authenticator or SMS.

  • Enable Anti-Phishing Code: This is a personalized code to verify that the email from Binance is real.

  • Monitor your account regularly: Check transaction history and security settings.

IV. What to Do When You Discover You've Been Scammed?

  1. Immediately report to Binance:

    • Use the “Appeal” function in P2P transactions.

    • Contact Binance support team via official channels.

  2. Temporarily close account or change password: If unauthorized access to account is detected.

  3. Notify the authorities: Report to the bank or police to increase the possibility of asset recovery.

V. Important Advice

  • Trading on Binance P2P is a fast and convenient way to buy and sell cryptocurrencies, but vigilance is key.

  • Trust only official channels, always double check information before taking any action.

Please share this article with your friends and community to raise awareness and protect our assets!