P2P trading on Binance is popular in Pakistan, but scams are rising. Common scams include:
Cancellation After Payment: Sellers cancel orders after getting paid.
Blocked Accounts: Sellers' accounts are frozen due to suspicion of fraud.
Proof of Payment Scams: Fake payment proofs are used to trick sellers.
SMS Scams: Fake SMS messages lure victims into sharing information.
Chargeback Scams: Buyers reverse payments after receiving crypto.
Man-in-the-Middle Scams: Scammers intercept and manipulate communications.
Protect Yourself:
Verify: Check the other party's history and ratings. Only chat within Binance P2P.
Secure Payments: Use trusted methods.
Double-Check Details: Review payment info carefully.
Beware of Unrealistic Offers: If it's too good to be true, it probably is.
Use Escrow: Binance's escrow adds security.
Report: Report any suspicious activity to Binance.
Stay Informed: Keep up with the latest scams.
Trust Your Instincts: Cancel if something feels wrong.
Additional Tips:
Educate Yourself: Learn about P2P trading.
Start Small: Gain experience with smaller trades.
Avoid Sharing Personal Info: Don't share sensitive details outside Binance.
Use Strong Passwords & 2FA: Secure your account.
Binance & Authorities:
Binance should take action to address these scams, such as stricter verification and user education.
Collaboration with Pakistani authorities is key to combating fraud.
Be cautious and aware when trading on Binance P2P. By following these tips, you can enjoy a safer trading experience.
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