Understanding the Pay-to-Canceled/Expired-Order Scam in P2P Crypto Trading

Binance Blog published a new article, revealing insights into a recent trend of scams targeting peer-to-peer (P2P) crypto traders. The article aims to educate users about the pay-to-canceled/expired-order scam, a deceptive tactic used by fraudulent sellers to trick buyers into sending payments after a trade order has been canceled or expired. This scam exploits the urgency and confusion often present in P2P transactions, making it crucial for traders to be aware and vigilant. The scam typically begins with the fraudster posing as a seller and listing a cryptocurrency offer at an attractive rate to lure buyers. Once a buyer initiates the trade, the scammer employs various stalling tactics during the order window, such as providing incorrect payment details or requesting unnecessary information, to delay the process. As the order nears expiration or after it has been canceled, the scammer pressures the buyer to make the payment by falsely claiming that the order can be reactivated or extended. This creates a false sense of urgency, leading the buyer to send funds for an invalid order. The scammer may even use forged screenshots to convince the buyer that the transaction is still valid. Once the payment is made, the scammer quickly withdraws the funds, leaving the buyer without any crypto. To protect themselves from such scams, Binance advises users never to send payments for canceled or expired orders, as these cannot be reactivated. It is essential to remain cautious of offers that seem too good to be true and to keep all communications within the Binance platform to ensure security. If a buyer suspects any fraudulent activity, they should report it immediately to Binance Support. In cases where a payment has been made but the crypto is not released, users are encouraged to file an appeal with Binance's support team, which is available to assist in resolving such issues. The article emphasizes the importance of documenting all communications and transactions if a scam occurs and promptly reporting the incident to Binance Support. Scams like the pay-to-canceled-order trick prey on quick decisions and a false sense of urgency, exploiting basic features of the P2P process. While Binance has implemented safeguards such as escrow and reporting systems, users must remain alert and double-check order statuses to ensure their safety. The article concludes by reminding traders that safety is a shared responsibility, and staying informed and cautious is key to preventing scams.