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Binance has emerged as a leading platform, offering a comprehensive suite of services to its global user base. One of the prominent features of Binance is its peer-to-peer (P2P) trading platform, providing users with a decentralized and direct means to exchange digital assets.&nbsp;
Recognizing the paramount importance of user security in the dynamic world of cryptocurrency, Binance has recently issued a set of directives aimed at ensuring a safe and secure P2P trading experience for its users.
<h2 class="wp-block-heading" id="binance-maintains-a-motto-to-protect-clients">Binance maintains a motto to protect clients</h2>
<a href="https://academy.binance.com/en/articles/how-to-stay-safe-in-peer-to-peer-p2p-trading?ref=AZTKZ9XS&amp;utm_source=BinanceTwitter&amp;utm_medium=GlobalSocial&amp;utm_campaign=GlobalSocial" rel="noopener noreferrer nofollow" target="_blank">P2P</a> crypto trading involves purchasing and selling digital currencies without the need for a third-party middleman. Buyers and sellers can set their own prices, choose their trading partners, and decide when to deal using P2P trading. It also helps attentive and experienced traders to seek out and take advantage of favorable trading situations that meet their requirements.
Crypto P2P markets like Binance allow individual users to exchange crypto directly. Because there is no central authority or third-party intermediary, users have more control over their cash and may secure their identity during transactions.&nbsp;
Despite these advantages, there are risks associated with P2P trading that every user should be aware of before doing it. Fake payment evidence, chargeback fraud, improper transfer, man-in-the-middle assaults, triangulation schemes, and phishing are all prevalent threats for traders.
<h2 class="wp-block-heading" id="p2p-scams-and-frauds">P2P scams and frauds</h2>
To keep users safe, a top P2P exchange today often has an escrow service, regular security updates, and a tough identity verification process (among other things). Even with adequate precautions, all trading <a href="https://www.cryptopolitan.com/netflix-resumes-adverts-on-x/" rel="noopener noreferrer nofollow">activity</a> carries dangers, and P2P trading is no exception.
1. Fake proof of payment or SMS
Scammers may digitally alter receipts so as to deceive you into releasing crypto to them. One example is the SMS scam, in which fraudsters falsify a text message to notify the victim of a payment.&nbsp;
How to avoid this scam: As a seller, you should only approve the transaction after confirming that the payment has already been received in your wallet or bank account.
2. Chargeback fraud
When a bad actor receives your assets, they may use the chargeback feature on their chosen payment platform to reverse their payment. They frequently attempt to pay using a third-party account. Some payment mechanisms, such as checks and online wallets, facilitate chargeback requests.
Avoid this scam by refusing to accept payments from third-party accounts. If that happens, file an appeal with the platform and request a refund to the buyer’s account.
3. Wrong transfer
A scammer may attempt to steal your assets by contacting their bank to claim an erroneous transaction and demanding that it be reversed, similar to chargeback fraud. Some fraudsters may even use fear tactics to convince you not to report the incident, such as informing you that selling crypto is prohibited.
Avoid this fraud by not being intimidated by fear tactics. Gather evidence, like screenshots, of your correspondence and transactions with the criminal in a systematic manner.&nbsp;
4. Man-in-the-middle attacks
A man-in-the-middle attack happens when a bad actor places himself between a user and an application, organization, or another individual and communicates on their behalf in order to steal assets or sensitive information such as private keys. Romance, investment, and e-commerce scams are the three main types of man-in-the-middle attacks.
Avoid this scam by refusing to react to trading requests on any social networking platform. Before and during a transaction, limit your interactions with your counterparty to the official platform.
5. Triangulation scams
A triangulation or triangle fraud includes two bad actors taking two orders from the same vendor almost simultaneously, causing the seller to release more crypto than was paid for.
To avoid this fraud, always double-check your bank account or wallet to ensure that you have received full payment for any outstanding P2P transactions.&nbsp;
6. Phishing
Phishing is a harmful attack in which a fraudster uses a false profile to trick users into delivering assets or information to them. A malicious actor, for example, may mimic a P2P platform’s customer support representative in order to get access to private information or cryptocurrency accounts.&nbsp;
How to avoid this scam: Scammers can send you fake security alerts via email or text message about your account. Avoid clicking on unknown links when reviewing messages until the source has been verified. You should also seek help solely from the official P2P exchange.&nbsp;

Binance issues directives on how to stay safe in P2P trading on the platform

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