only buy and sell to verified people, cheap turns out expensive

*Warning: Beware of the "Cash Out Method" Scam on Binance P2P*

A new scam is circulating on Binance P2P, and we urge all traders to exercise extreme caution. The "Cash Out Method" scam involves a third-party initiator completing the cash transaction on behalf of the buyer or seller. This deceitful tactic can lead to severe consequences for both parties.

*Negative Outcomes:*

1. *Financial Loss*: Traders risk losing their funds or assets.
2. *Account Suspension*: Involved accounts may be suspended or banned.
3. *Reputation Damage*: Victims' reputations may suffer.
4. *Legal Consequences*: Scammers may face legal action.

*Overcoming this Pitfall:*

1. *Verify Transactions*: Ensure transactions are initiated by the actual buyer/seller.
2. *Use Binance's Escrow Service*: Protect your assets with Binance's secure escrow.
3. *Communicate Directly*: Verify transaction details with the counterparty.
4. *Monitor Account Activity*: Regularly check your account for suspicious activity.

*Why Traders Use this Method:*

1. *Avoiding Fees*: Scammers may try to evade transaction fees.
2. *Circumventing Regulations*: Some traders may attempt to bypass KYC/AML requirements
3. *Concealing Identity*: Scammers may use this method to remain anonymous.
4. some traders fear reversal of cash transactions from other taders

*Prevention is Key:*

1. *Educate Yourself*: Stay informed about Binance P2P best practices.
2. *Verify Counterparties*: Research and verify the counterparty's reputation.
3. *Use Secure Payment Methods*: Opt for trusted payment options.
4. *Report Suspicious Activity*: Inform Binance support of potential scams.

*Stay Safe on Binance P2P:*

1. *Follow Binance Guidelines*: Adhere to Binance's P2P trading policies.
2. *Exercise Caution*: Be wary of unusual or rushed transactions.
3. *Prioritize Security*: Protect your account and assets.

*Additional Resources:*

1. Binance P2P Trading Guide
2. Binance Support Center

*Report Suspicious Activity:*

If you suspect a scam or unusual activity, report it to Binance support immediately.

Stay vigilant, and trade safely!