There has been a recent increase in scams targeting P2P (peer-to-peer) trading on the Binance platform. Scammers are constantly inventing sophisticated ways to steal users’ assets. Here are the steps they commonly use and how you can protect yourself.

Fraud Methods

  1. Initial setup

    • The user (victim) places a buy/sell order on Binance P2P and makes a payment via bank or other fiat to the scammer's account.

  2. Tricks to approach victims

    • The scammer will attempt to contact the victim via phone, Telegram or other messaging apps.

    • They often give reasons such as transaction error or need to cancel order for refund, to convince users to cancel the transaction.

    • Those who are not vigilant may follow suit, resulting in the scammer transferring or selling off the victim's cryptocurrency immediately.

  3. Upgrade Scam – Impersonating Binance Support

    • If the victim is more vigilant, the scammer may impersonate Binance customer support staff.

    • They ask the victim to scan a "Web Login QR code".

    • Once the victim does this, the scammer will gain access to their Binance account, cancel the order, and steal the cryptocurrency or assets in the account.

How to Protect Yourself

  1. Never cancel an order after payment has been made

    • Once you have made a transfer, do not cancel the transaction for any reason unless you confirm with the P2P partner through Binance's official channels.

  2. Only confirm information through official channels

    • If you receive a request from "Binance staff", please double check the information via the official support page or Binance app.

    • Binance never asks you to scan a QR code or provide login information via Telegram, phone or email.

  3. Avoid communication outside the Binance platform

    • Do not trade or chat with P2P partners via Telegram, WhatsApp or other platforms other than the P2P chat box on Binance.

    • All transactions and information need to be protected within Binance to ensure safety.

  4. Enable all security measures

    • Turn on Two-Factor Authentication (2FA) for added account security.

    • Monitor login history to promptly detect suspicious behavior.

Remember: Safety First

P2P trading scams are getting more and more sophisticated, but as long as you follow the above principles, the risk of losing your assets will be significantly reduced.

If you suspect you have been scammed or have problems with P2P trading, please contact Binance's official customer support team immediately for timely assistance.