Binance CEO urges P2P users to verify trades, avoid scams, and use in-app tools to stay safe as fraud risks rise with platform growth.
Binance P2P trading is gaining popularity across many regions, especially among users looking for flexible payment methods and low trading fees.
However, as the number of users grows, so do the risks. Binance CEO Richard Teng has highlighted some important safety tips for users on the platform.
Binance P2P Users Urged to Stay Cautious as Scams Rise
According to the official release, one of the main points Teng addressed is the need for users to check properly before entering any trade. It was stated that on Binance P2P, anyone can post offers, and not all are genuine. Some users put up listings that offer crypto at prices far lower than the market rate.
When using P2P trading, keep communication within the platform, follow guidelines, and stay informed.
This is a vital layer of protection. Your security is our priority.
Read more ⤵️https://t.co/pVk7BlWjRm
— Richard Teng (@_RichardTeng) May 30, 2025
According to the update, this can be very tempting, but it is often a trap. Scammers use these offers to lure unsuspecting buyers and find ways to trick them. Before trading, users are encouraged to check the merchant’s profile.
Pay attention to the number of completed trades, user reviews, and overall ratings. A seller or buyer with high ratings and several transactions is usually more trustworthy.
Teng also stressed that users should avoid clicking on links or sharing personal details outside the Binance platform. As detailed in the publication, another safety point is to look out for fake payment proofs. Some bad actors send edited screenshots or false messages to convince users to release funds.
It is worth noting that Binance uses an escrow system, which holds the seller’s crypto until the payment is confirmed. Users should never release funds until they have verified that the payment has been fully received.
In its publication, Binance added that traders should be cautious even when a message appears to come from Binance support. Users should always confirm payment using their official banking app. The trading platform advised users not to trust screenshots or email notifications.
It is essential to add that this recent update coincides with a major milestone for the exchange. The Japanese arm of Binance recently bagged a security certification for ISO/IEC 27001 and ISO/IEC 27701. These are known benchmarks for the highest security standards.
Adding to the positive sentiment, Binance Coin BNB $854.9 24h volatility: 0.4% Market cap: $118.92 B Vol. 24h: $868.93 M recently outperformed Bitcoin BTC $111 935 24h volatility: 0.7% Market cap: $2.23 T Vol. 24h: $36.33 B , Ethereum ETH $4 465 24h volatility: 3.2% Market cap: $539.03 B Vol. 24h: $29.95 B , and XRP XRP $2.84 24h volatility: 0.2% Market cap: $169.14 B Vol. 24h: $4.37 B , supported by a strong adoption trend. This also contributed to BNB’s notable percentage price gain over the past month.
Avoiding Off-Platform Conversations and Verifying Payments
According to Teng, keeping all communication and payment steps within Binance P2P is key to staying safe. Once a trade moves off the platform, Binance can no longer help. Fraud is harder to detect and resolve when messages are exchanged on other platforms like WhatsApp or Telegram.
Another useful tip is for sellers to pause their listings when they are not available. Leaving a listing active without being able to complete the trade can lead to disputes and negative reviews.
This affects a seller’s reputation and may even result in their account being flagged. Binance has made it easy to pause ads temporarily so users can return later and continue trading smoothly.
Richard Teng made it clear that while Binance P2P offers many benefits, it requires users to act responsibly. By following the platform’s safety guidelines and using the tools provided, traders can protect themselves from scams and trade with greater peace of mind.
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