Topic: The latest binance p2p scam and how to avoid them (Read 133 times)

I don't use the Binance P2P, but I thought transactions should not be taken out of the platform. Why move to WhatsApp or any other place other than Binance? Isn't there a warning that people should not make transactions outside of Binance?


This has happened to someone I know. Apparently, he received stolen funds in his account. He went through a lot during that period and up till now that account is still frozen.

Sometimes the high offers come from relatively new accounts just to get quick patronage and not that they want to scam anyone. However, I got your point there and I think those trading on any exchange at all should be very careful and not rush to strike a deal with anyone. We know that exchanges have automated mechanism that makes traders exchange transactions without leaving that particular platform. This is why anyone trading should avoid any note asking them to drop phone number for easy and fast transactions or pm them on WhatsApp to speed things up. It's a trap. No one should fall for that. Just stick to the exchange. Confirm you received the money by checking your bank account (don't rely on SMS) once a buyer tells you they've sent it before releasing the coin. With that, everyone should be fine.

I very much agree with the summation of your comments, because the best way to avoid being scammed on the Binance, p2p is to apply the trust rating. It is much safer to crosscheck the trust score feedback to determine the number of successful trade stats, i believe that scammers can not compromise the system. If you find someone with a good stats rating on Binance p2p, then always do your p2p transactions with the trust rated fellow, to avoid falling into the hands of scammers.

Crypto transactions or not, I don't share my phone number, email or any personal information on social media, with unknown persons or groups. Anybody that I can not attest to their character on social media, is a potential scammer, it remains like that until the person or group ranks up in my personal trust rating analysis.

Binance P2P have become the newly updated version and formats for scammers, that's their main focus and they're succeeding but only on those careless traders and merchants, for me I'm extremely careful and everything I do is step by step. Unfortunately, online scammers have upgraded their taste in defrauding people of their hard earned money. For some, it's consider hustle for the fittest but I only see it as laziness because they can not afford to do legit and earn their money other than depending on people's hard heard income and scout for means to collect it.

When I do P2P with Binance, I usually double or triple check the credentials of the merchant especially the rating. I would not go below 98% rating to deal when I am converting my USDT to fiat.

Plus I have enabled as much extra security layers like the Google Authenticator, security key, etc., on top of email and mobile number as 2FA.

Never been scammed even once as I’ve only dealt with 2 to 3 P2P merchants that I have trusted. But since Binance will be blocked in the Philippines sometime in February, I’ve already shifted to some alternatives such as off-ramp services like Stables Wallet with low and reasonable fees. I might be looking for other off-ramp options too as I do not want to rely in just one source only.

My Binance account is verified, and even my 2FA is enabled. Those two are enough for me. Then I didn't have any issues with the P2P features that the Binance platform has. As long as you know what you're doing here,.

There are others, like scammers in Binance P2P, who will say that the amount you are waiting for has been sent, but when you check, it is not there in the account registered with Binance. And when it says to press the release first before receiving the amount you expect, don't press it because it often has to go into your bank account before you release it or in other e-wallets.

I'd say it's better to avoid to use the Binance P2P because Binance itself also a scammer, the real P2P will never have any intervention from the third party. Binance P2P will froze someone else funds whenever they want and you can't escape from that.

There are many good P2Ps e.g. Bisq Agoradesk, Peach Bitcoin.

The same happened on Paxful now Noones p2p trading platform, buyer will try to lure you into trading on WhatsApp for better prices just because to scam you of your hard earned money. The only way out is to keep the chat on the platform for moderators to keep watch the trading conversation between both buyers and sellers.

I've had a similar trading experience where the seller ask me to contact him in WhatsApp before he confirms and releases my trade with him, I immediately reported and filed him to the moderators about his fraudulent actions until he released my trade. Be careful if you encounter similar things on any p2p platform before you fall victim of it.

Wow. scammers are using creative ways to scam, that email was so realistic like binance sent it, everyone please check the email address first it's official or not.
I always go to the seller who has a lot of crypto to sell because if he was scammer then he has not deposited big and try to scam people, and don't look for cheaper options if like if we want to buy a small amount then wecan give 1-2 cents extra but to a reputable seller. scammers sell in cheap which causes us to initiate a trade with them.
Once I signuped on bitget and completed KYC then i wanted to buy around $50 worth usdt, at the top the seller was selling $1 usdt for 1cents but that was only one no more than one,
I don't know that was a offer by bitget or the user wanted to know my phone number and other details when I will send him the payment. and the 1 usdt for 1 cent offer was for only once for only 1 usdt.
I think the seller was collecting details about people buy offering 1 usdt for 1 cent. on CPA network our numbers and emails are worth more than $2-$5 so it's not very expensive to seller to collect details by giving 99cents.
I don't know that seller was collecting details or just an offer, but I don't know what details are exposed when we trade by P2P, but by UPI payment method in india seller will not get much details about the payment sender.

Just wondering... How will the scammer extract my email address linked to the exchange if I gave him non?
I think traders also need to be very vigilant with the sensitive information, such as an email address.

P2P trading 101: Do you share trading information or use another channel of communication rather than the chat channel provided by the escrow service/exchange platform. Most exchanges also have a provision for phishing codes, so such a fake email address can be so easy to identify.

Not all people would really be trying out to check their emails for whatever notifications that it would give on which not all would really be doing that. If you are really that too mindful about on slightest
details on which on the time that you do make out some P2P transactions but with those email notification and you are really that too much on touching things then you are really that likely on ending up
on experiencing a disaster. You wont really be that getting scammed if you are really just that mindful about those slightest details. Thing here is that you should really be that knowing about those basic
stuffs on doing p2p on which same as you mentioned that stats would be the key, you wont really be that so dumb on not to see with those numbers are telling you.
Always stick into those sellers or buyers who do have tons of trades done with high percentage of success then you would really be just that fine.

Not only binance, but other P2P exchanges are also prone to similar kind of scams. A scammer whose intention is to scam doesn’t see which exchange he is using. We as a responsible trader need to be careful to avoid the scams. Always trade with users with highest positive ratings. I have seen users prioritising price rates over these rates and hence scams are happening. At last don’t go anywhere else other than the P2P chatroom while doing the deal, hence all things will be captured here for the Escrow if anything wrong happens. Follow these steps and you will be saved from scams.

Thanks for your understanding and observations, I really do appreciate.

I was not laying accusations just guiding because someone could report it as plagiarism and can get you banned (again this time I am not threatening just giving advice just like before I was giving a suggestion not accusing you) I hope you will not mind me. And you said.
It can also indicate you are only talking about the link you gave. For your further understanding, this forum is an international one, not every person get the thing in the way in which you are talking. This means you were referring to the whole text but I thought you were only talking about the link that you saw and shared here, but when I read the other text and it was the same as of the post that link leads to.

You should use Quote tags because you are copying and pasting the whole thing which you can but with disclaimer or with Quote tags, no doubt you gave the reference and also said "I just saw this, so I thought I should share for our safety." but it will be more easy (not confusing) for us that you are copying pasting not writing by yourself.

Buhu... Seems much better to not P2P trade at Binance at all. 

Please read properly before laying accusations, I never said I wrote it myself, I said I saw it somewhere and I just thought I should share, and besides I put in a reference link attach to it from where I took it from,
Please be guided

What you say is absolutely correct. Indeed, that is the biggest obstacle if we only choose one, sometimes if we are active in a local forum we can seek opinions from other people we trust so we can choose a responsible Binance p2p service.

In essence, if the Binance p2p method is not executed correctly and there are unusual deviations, it is better to cancel the transaction and move to another p2p service opener.

I once had an argument with someone about how scammers are developing and using more sophisticated means to scam people, but what causes some people to fall victim at times is that they are yet inexperienced, new to a system, greedy, and not very careful. When dealing with financial situations, I think one has to be very careful and sensitive to any guidelines and changes. If you trade with extreme caution, you will never get scammed.

This is almost impossible to do since not everyday this same person open an ads and also the price difference is one of the main deciding factor (aside for the trust score) to choose the seller /buyer on P2P. Choosing only one person to trade on P2P will make your freedom to choose useless.

Binance P2P have trust score feedback and number of successful trade stats. I believe the best way to avoid scam is to just choose good reputation seller and also never deal outside the P2P info such as email and text message. Binance P2P is pretty straightforward since all the details is already shown without the need to open the chat box.

Thanks for informing us about this, but I think it already been shared before but the method of scamming was a little different, like in that method the scammer make a policy that in order to receive the funds while doing p2p you have to give us your number, and when the seller/buyer gives his/her number, then scammer use that number to send phishing messages like the one you shared.

Well, asking for email on the Binance chat would be risky for seller because his account can be blocked immediately but even they are risking there accounts and asking for your email then they don't have to, because if they will insert a rule in there policy that in order to receive the funds you have to give your email on which you have made your Binance account they can save there accounts. Well, from the look this statement or policy will give vibes that something is off. And a smart guy will understand quickly that this person will attempt a phishing attack. And you can avoid making any transaction with them.

And dear OP I will suggest to insert a disclaimer that you have copied the whole thing from somewhere, or maybe you can use the quote tags, because you just copied the whole thing and it is misleading us into thinking that you have wrote this text while you don't.