"Fraud of 2 lakhs" (200,000 Pakistani Rupees)

"Binance P2P" with a scam warning.

"Don't fall into this trap" or "Avoid this mistake."

To protect yourself from P2P (peer-to-peer) trading scams, especially on platforms like Binance, here are some important precautions you can take:

1. Use Verified Platforms

Only use trusted and well-known platforms like Binance, LocalBitcoins, or Paxful. Make sure the platform has escrow services that hold the funds until both parties confirm the transaction.

2. Trade with Verified Users

On platforms like Binance P2P, always trade with verified or high-reputation sellers. Check their ratings, the number of successful trades, and read reviews from other users.

3. Avoid Off-Platform Communication

Scammers often ask you to continue the conversation or the transaction outside the platform (through WhatsApp, Telegram, etc.). Avoid this, as itโ€™s easier to fall victim to fraud without platform protection.

4. Check for Red Flags

Be wary if the counterparty offers too good to be true rates, pressures you to act quickly, or asks for personal information like passwords or bank details.

5. Use Escrow for Safety

In P2P trading, the escrow system holds the cryptocurrency until both sides confirm the payment has been made. Ensure you only release the payment once the crypto is released to you.

6. Confirm the Payment Properly

When receiving fiat money, make sure it is fully deposited in your account before releasing the cryptocurrency. Fake payment receipts or delayed transfers are common scams.

7. Double-Check All Transaction Details

Always verify the transaction amount, recipient details, and account numbers before completing the trade.

8. Enable Two-Factor Authentication (2FA)

Protect your account with 2FA to prevent unauthorized access. Use Google Authenticator or a similar app rather than SMS 2FA, as phone numbers can be hijacked.

9. Report Suspicious Activity

If you encounter any suspicious behavior or suspect a scam, report the user or transaction immediately to the platform's support team to potentially block the scammer.

10. Stay Updated

Regularly follow updates from the platform and community forums regarding new scam techniques to stay ahead of the latest threats.

By taking these steps, you can significantly reduce your risk of falling victim to a P2P trading scam.