Cryptocurrency scams are evolving, and on Binance P2P, a new type of scam is causing havoc: the pay-but-cancel scam. Here's how it works so you can protect yourself from falling into the trap.
How does the scam work?
Imagine you are making a transaction on Binance P2P. After the buyer (the scammer) makes the payment, he convinces you to cancel the order, saying that there was a problem or that he will refund your money. But what actually happens is that the scammer keeps your money and the crypto, leaving you with nothing.
How to protect yourself?
1. Do not cancel the order after payment: Once the payment has been made, make sure the money is in your account before proceeding with any cancellation.
2. Beware of overly attractive offers: If it seems too good to be true, it probably is. Extremely low or high offers are usually red flags.
3. Safe Communication: Always keep the conversation within Binance P2P and never share your personal contact information with the buyer or seller.
4. Timely Appeals: If you do not receive the crypto after payment, please file an **appeal immediately** through Binance support. They will help you resolve the issue.
Additional Tips for Safe Trading on Binance P2P:
- Seller reputation: Before closing any deal, check the seller's feedback and reputation.
- Escrow: Use Binance's escrow service to keep your funds protected until both parties confirm the transaction.
- Monitor your account: Periodically check your account to ensure there is no suspicious activity.
By following these simple steps, you can safely buy and sell cryptocurrencies in over 100 countries. Don't let scammers ruin your experience!
Stay alert and help spread the word to protect other users on Binance P2P.
