Have You Ever Faced Any Problem During P2P Transfer In Crypto?
If you invest your fiat currency in crypto, you need to convert that into cryptocurrency first. Many people use P2P transfer to convert fiat currency into crypto and vice-versa. People deal with different problems and become victims of fraud sometimes.
I read a news where someone lost money in a P2P transfer and his bank account was frozen. He used the Binance P2P service to sell cryptocurrency and received fiat currency in his bank account. There was no problem so far.
But later buyer complained and reported the transaction as fraud. His bank account was frozen because of that. And the worst part is, the seller's bank sent the money back to the buyer's account.
The person informed Binance about this and asked for help. The buyer already withdrew all funds from his Binance account. There are no funds left in the buyer's account, so Binance could not help in this case. Binance suggested the person contact the law enforcement agency for help.
In case crypto falls into a gray area in your country, you do not want to get in more trouble asking for help from law enforcement agencies. Bad actors take advantage of the situation and get away with it.
Fraudsters and scammers try different ways to take advantage of any situation to steal. For example, you sell crypto and you are supposed to receive a certain amount of fiat currency. The buyer sends you a little less than the exact amount.
Since the amount is negligible, you let it go and confirm the transaction. Later, you figure out that the buyer did the same thing to others. So what can you do about it? You can give feedback on Binance P2P transactions. You can comment and reveal that in your feedback. Other people avoid that buyer seeing the negative feedback.
When you sell crypto to receive fiat currency, you get a message instantly after getting money in your account. Do not release the fund without checking out the account balance. You may get a fake message, don't rely on the message. Check out the account balance first to confirm and then release the fund.
It is better to be careful to ensure safety on your part. There are some bad actors in this space that give crypto a bad name. You can avoid fraud in P2P transfers if you become more cautious at the time of making a transaction. Fortunately, I do not have a negative experience in P2P transfer in crypto.
So how about you? Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post.
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Reference: 1.
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Unfortunately, peer to peer is built on trust and it's tough to really have too much faith in things. I dislike all the scams but it's a gamble when you are trying to avoid the existing system and I doubt the government/law enforcement would care about someone with those intentions.
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When it's peer-to-peer, it's based on trust. If you do P2P via Binance, you can see the feedback, and the Binance team may come forward to solve any dispute.
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Hi @rezoanulvibes ,(Fortunately, I don't have a negative experience in P2P transfer in cryptography) I can also say the same and I keep saying the same
Need to be careful because doing P2P. Checking out reviews or feedback can help a lot to avoid any problems.
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