As cryptocurrency trading becomes more popular, scammers are developing more advanced tactics. One common scam to watch out for on Binance P2P is the Paid-But-Canceled scam. This article will explain how it works and offer key tips to help you stay safe.

**What is a Paid-But-Canceled Scam?**

In this scam, a fraudulent seller convinces a buyer to cancel a cryptocurrency order after the payment has been made. The scammer claims there was an issue with the transaction and asks for the order to be canceled, promising a refund or a new transaction. However, once the buyer cancels the order, the scammer keeps both the payment and the cryptocurrency, leaving the buyer with nothing.

**Scam Prevention Tips:**

1. **Never Cancel Orders After Payment**: Don’t cancel an order after paying until you’ve confirmed the refund has been returned to your account.

2. **Stay Alert**: Be cautious of deals that seem too good to be true and report suspicious activity to Binance support immediately.

3. **Keep Conversations on Binance**: Always communicate through the Binance platform to ensure transparency and avoid sharing personal contact details with trading counterparts.

4. **Raise an Appeal**: If the seller doesn’t release the cryptocurrency after you’ve paid, file an appeal. Binance support can help resolve the issue and release your funds.

**Best Practices for Secure P2P Trading:**

- Verify the seller’s reputation and details before trading.

- Use Binance's escrow service to protect your funds.

- Keep your account and passwords secure.

- Regularly monitor your account activity.

**Stay Informed, Stay Safe**

Binance is dedicated to ensuring a secure trading environment. Understanding Paid-But-Canceled scams and following these tips can help you protect your assets. Stay vigilant, stay informed, and trade confidently.

**Take the Binance P2P Scam Prevention Knowledge Test**

Improve your P2P trading skills and learn how to spot scams by taking Binance’s Scam Prevention Knowledge Test. Strengthen your ability to avoid common cryptocurrency scams.

**Resources**:

- Binance P2P Safety: How to Spot and Avoid Paid-But-Canceled Scams

- Binance Support: Reporting Suspicious Activity

- Binance Academy: Avoiding Cryptocurrency Scams

By educating yourself about Paid-But-Canceled scams and following best practices, you can enjoy a safer and more successful P2P trading experience on Binance.

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