As cryptocurrency trading grows, so do scam tactics. Watch out for the Paid-But-Canceled scam on Binance P2P.

What is a Paid-But-Canceled Scam?

A fraudulent seller convinces a buyer to cancel their order after payment, claiming issues with the transaction and promising a refund or new transaction. Once you cancel, they keep both payment and cryptocurrency.

How to Protect Yourself:

1. Never cancel an order after payment until refund confirmation.

2. Be cautious of too-good-to-be-true deals and report suspicious activity.

3. Keep communications on Binance; don't share personal details outside the app.

4. File an appeal if the seller doesn't release crypto after payment.

Best Practices for Secure P2P Trading:

- Check seller ratings and reviews.

- Use Binance's escrow service.

- Secure passwords and monitor account activity.

Stay Informed, Stay Safe!

Binance is committed to your security. Knowing how Paid-But-Canceled scams work and following these tips will help you trade confidently.

Helpful Resources:

- Binance P2P Safety Guide

- Binance Support: Reporting Suspicious Activity

- Binance Academy: Avoiding Common Cryptog Scams

Educate yourself, trade safely.

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