I have heard that some scammers are making fake accounts on Binance for P2P and using hacked bank accounts for transfer. If we deal with them for P2P deals, our bank accounts can also get feezed. Have you ever faced this problem on Binance ? How can we reduce the chances of getting affected by this ?
I'm not a big fan of Binance when it comes to P2P so I haven't gotten this experience but since the exchange is very popular in my country, I have heard countless stories of it happening to my country men especially on twitter. Binance is very popular so there'll always be scammers looking to take advantage of newbies just registering on the exchange to trade. In addition to what others have said, I'll suggest if you must use Binance centralized P2P you should go through their guideline as they have it on their platforms and follow up what they said to avoid becoming a victim to P2P scams. You can't save yourself from receiving stolen funds but you can reduced the risk of that happening by;
- Avoiding high rate sellers/buyers and only trade with verified merchants Scammers are known for using high rate to attract victims.
- Avoid offline transaction, scam marchants are known for trying to take customer off the official exchange platforms then they can trade with you with stolen coins or fiats.
- Avoid transaction from third party accounts, OmegaStarScream already emphasize on that.
- Also don't accept payment from multiple account and report any suspicious activity to Binance exchange customer care to have evidence when the authorities comes knocking on your door.
Stolen funds will always be sent from a different account from that of the user you're trading wait, so report such activities when you encounter them irrespective of the exchange you're using to trade P2P.