As cryptocurrency trading grows in popularity, scammers are developing more sophisticated tactics. One common scam to beware of on Binance P2P is the Paid-But-Canceled scam. Here's how it works and key tips to keep you safe.
A Paid-But-Canceled scam involves a fraudulent seller convincing a buyer to cancel a cryptocurrency order after payment. The scammer claims a transaction issue and promises a refund or new transaction, but keeps both payment and cryptocurrency.
To prevent falling victim:
1. Never cancel orders after payment until refund confirmation.
2. Stay cautious of too-good-to-be-true deals and report suspicious activity.
3. Keep conversations on Binance for transparency.
4. File an appeal if the seller doesn't release cryptocurrency.
Best practices for secure P2P trading:
- Verify seller reputation and details.
- Use Binance's escrow service.
- Secure account and passwords.
- Monitor account activity.
Binance prioritizes a secure trading environment. Understanding Paid-But-Canceled scams and following these tips protects your assets. Stay informed and trade confidently.
Take Binance's Scam Prevention Knowledge Test to improve P2P trading skills and spot scams.
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