Protect Yourself from the Paid-But-Canceled Scam on Binance P2P đš
As crypto trading becomes more widespread, scammers are coming up with increasingly sophisticated methods. One such scam on Binance P2P is known as the Paid-But-Canceled scam. Hereâs how it works and some tips to keep you protected.
What is a Paid-But-Canceled Scam?
In this scam, a fraudulent seller persuades a buyer to cancel a transaction after payment has been made. They might claim thereâs an issue with the payment and request the buyer to cancel, offering a refund or a new transaction in return. However, once the order is canceled, the scammer keeps both the money and the cryptocurrency, leaving the buyer with nothing.
How to Avoid It:
1. Never Cancel After Payment: Once youâve paid, donât cancel the transaction until the funds are confirmed back in your account.
2. Stay Cautious: Be wary of deals that look too good to be true and report any suspicious activity to Binance immediately.
3. Communicate on Binance: Always use Binance's communication channels to ensure transparency and avoid giving out personal details.
4. File an Appeal: If the seller doesnât release the crypto after youâve made the payment, raise an appeal. Binance support can intervene and help secure your funds.
Safe P2P Trading Practices:
Always check the sellerâs reputation and details before initiating a trade.
Use Binanceâs escrow service for extra protection.
Keep your account credentials secure.
Monitor your account activity regularly.
Stay Safe, Stay Informed
Binance is committed to providing a secure trading platform. Being aware of Paid-But-Canceled scams and applying these safety measures will help safeguard your assets. Stay vigilant and trade with confidence.
Take the Binance P2P Scam Prevention Quiz
Enhance your P2P trading knowledge by taking Binanceâs Scam Prevention Test to improve your ability to recognize and avoid crypto scams.
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