How can you identify and prevent scams in Binance P2P market?

One of the most common scams is encouraging cryptocurrency sellers to release fiat money in advance without verifying that the account has received fiat.

Scammers will make up various excuses, falsely promising that the fiat currency will be credited to the account after the currency is released. Of course this is lying.

Sometimes scammers impersonate our customer service representatives and ask sellers to release their coins before they receive payment in fiat.

P2P sellers must keep in mind a principle: do not release cryptocurrency before logging in to the receiving account, confirming whether the fiat currency has arrived in the account, and checking the available balance.

Screenshots and text messages can be faked. Therefore, the user should log in directly and check the balance every time.

Another common scam is identity fraud.

Someone will send the so-called new payment account information via chat text message and ask the user to transfer money to that account.

Once transferred, the scammers will lie about not receiving the funds and refuse to release the cryptocurrency.

The best way to prevent this is to authenticate user personal information.

Before starting a transaction, please confirm that the payment account details match your personal identity.

If the payment account does not belong to the buyer and seller, please do not transfer any funds.

Another scam to watch out for is sellers asking to get out of escrow or to trade on Binance.

For example, a seller will lie and say, “This is my phone number, please add me on Whatsapp or Telegram and complete the transaction there.”

Never trade with a user who asks to leave the Binance platform, then the seller will not will pay.

Moreover, if the seller did not release the coins, the Binance team would not be able to help.

Any seller who asks to leave the Binance exchange must be a scammer, please report it to the Binance customer service team immediately.

Our advice is to transact with an accredited merchant.

Verified merchants have been strictly reviewed, and you can identify them by clicking the yellow badge on the side of the merchant name.

Go to Binance’s Official Website