SCAM ALERT on Binance P2P: Express Zone To The Rescue!

in LeoFinance2 years ago


Binance has always been one of the most reliable crypto exchanges and still is for me. With the bullish run of major coins and altcoins since the start of this year, the interest in trading cryptocurrencies has increased.

For Nigerians, it's central bank issued a circular barring the use of fiat to purchase cryptocurrencies. This made it difficult for most of us but then Binance peer-to-peer came to the rescue. Peer-to-peer platforms are considered the most secure way of trading between users.

Binance P2P was quite effective and easy to purchase and sell crypto with fiat. I personally carried out some transactions just as some friends did. The process was fast, smooth and simple until recently.

I tried to sell some ETH some three days ago and discovered that Binance P2P has been compromised by the activities of scammers posing as crypto traders.

Normally, before the P2P transaction is deemed complete, the coin must have been deposited in the P2P wallet. Then the seller makes an offer which the buyer accepts. The seller sends the crypto worth to the buyer's bank account or any agreed means of payment. When the buyer confirms payment, he/she then sends the coin to the seller.

Upon my contact with the seller, the offer I got was to confirm a payment that I had not received by releasing the coin from the wallet. In fact the sellers made it part of the terms and conditions of the transaction!


I was baffled! A bell went off in my head. I knew something was wrong. This is the chat history.


I quickly went through the feedback section of P2P and discovered a lot of complaints from some buyers.



Apparently, the sellers have been making off with buyers' cryptocurrencies without sending them the payments. This is daylight crypto robbery and very wrong! Caveat emptor - ALL BINANCE USERS SHOULD BEWARE OF THIS SCAM!

I got in touch with @esther-emmanuel, an avid crypto trader who had a similar experience. Thankfully, she did not lose her coins. We had to decide what was the way forward. We found the Binance P2P Express zone smoother without room for any of the scamming activities.

Just like you would get into the Binance P2P from the trade section in the App, click P2P.


Further the arrow beside click P2P on the top left corner of the App, there will be a drop down showing "Express".


Click and it will take you to the buy and sell pages where you can enter your order and wait for an alloted time where the buyer or seller will contact you.



The difference between the Binance P2P zone and Express zone is the price is reggulated on Express. Also, the parties are protected. You may read more on how to avoid scams on Binance.

I hope this article helps for those trading on Binance. If you know of any other easy, smooth P2P, do share in the comment section. Thank you.

All images from my Binance App unless otherwise stated.


These scammers pop up everywhere
Glad you sorted things out and shared ;D

Yes ma'am, they are everywhere. One just has to exercise caution not to lose one's assets. Thank you for stopping by 🙂🍀

I've been doing my transaction via Binance but l only use the express section which is in line with your recommendation.

I saw some tweets about these scammers and l must say that it's a scary thing to be happening at the moment. The scammers have been around for a very long time but the current positive trend of many Cryptos have been drawing more people into it.

I'm happy that Esther didn't fall victim to those scammers. I hope that people would be more careful. Most importantly, l hope that Binance and their team would do something about this.


Hahah... I know.
You were scared 😬😬

I'm happy to see that my (our) babe was victorious against the scammers 🤣

I tell you, very scary! I have stopped using the P2P zone and moved to the express zone now.

Hopefully, Binance will do something about the scam activities. Thank you. ☺️🍀

Glad you wrote the article at last and I might still do to get more warning out there. This is an eye opener for we that uses binance on daily basis.

When I discovered this I was so angry that some selfish individuals will just come and still people's hard earned money, why?! 🤷‍♀️ But hey we learn everyday and become more smarter.

Thanks for this article @Kemmyb 😉

I had to write this article. It's a way to hopefully get the message out to as many as I can. It's annoying, really.

Posted Using LeoFinance Beta

With the rise in price of crypto, there is always a rise in scammers as well.
They always come to the market to steal your hard earned money and they pose to be so legitimate that people can be easily tricked.
Please be alert and very conscious while making trade.
There were few scammers active on Hive as well in last few weeks as i saw some comments about that too.

You are right. Scam activities are on the increase and we have to be alert. Thank you! 🙂

Hi hi.. Kemmy.. sad to hear that.. thanks for sharing this with everyone.. I am using Binance P2P too..

You are welcome. Do be careful when using the P2P zone for your crypto trading. 🙂

Thank you very much... =) Have a great day.

Never buy from the one with 95% good trade percentage. And also check the no of trades he did.

Good advice. Thank you 🙂

Posted Using LeoFinance Beta

As a US user, I don't like the current Binance US so I have refused to use it. But this is great information and if anyone else asks, I know what to say.

Posted Using LeoFinance Beta

Bang, I did it again... I just rehived your post!
Week 49 of my contest just can now check the winners of the previous week!

Thank you for letting us know

Posted Using LeoFinance Beta

I have been using the p2p platform too and I do check very well the reputation and number of transactions he has completed with the positive reviews and negative ones. That’s how I select which is best. The rate might be low but I always get alert before releasing coin.

Sorry to hear about your experience. I’ll also try to always be careful when trying to trade on p2p platform

I do check the reputation of the traders too but lately, there are so many negative feedbacks. It calls for caution.

The express zone is safer, for now. 🙂

Posted Using LeoFinance Beta

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That's why when I want to make sales on p2p, I do them on profiles with high rating of over 90% and more number of trades. I don't do it on anything lesser than that.

Anyway its good you made this notice so that others can be well informed.

By the way, I am @starstrings01 and I've chosen this post for 100% curation in Hive Cross Culture's curation project.
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Your cautious step is a wise one. I do check their reputation too. That's how I discovered the mess going on now.

Thank you for curating my post. ☺️🍀

Posted Using LeoFinance Beta

Thank you for sharing your experience so we know what to look out for, even though it's not the best thing to experience. I really empathize with you. I hope you didn't lose too much.

You are welcome.

No, I did not lose anything. I was lucky to discover the scam on time. 🙂🍀

Ah that's good to know.
Have an awesome week! 😊

Thanks for this! Though I'm in a different country, I still haven't tried P2P on binance and would like to try it soon. This gave me an insight of what happens and what precautions to take.

It's a good thing you know how it works now. You may be lucky to find a honest trader but do diligent search or better still, use the express zone. 🙂🍀