All trading activity comes with risks, and P2P is no exception. It’s important to be able to identify common P2P scams. Here’s why ⬇️
Binance P2P does not offer Cheques as a payment method due to the high risks associated with it.
Whether you’re familiar with P2P trading or just started getting into it, one thing to always keep in mind is the risks of such transactions. P2P, or peer-to-peer trading, is one of the first ways users could buy, sell, and trade cryptocurrency. It allows people to trade directly in person or via online platforms where buyers and sellers can meet.
However, instead of sending the seller the payment via bank transfer, they issue a cheque and send the seller a fake receipt via chat with their correct details, making it seem like an authentic payment made via bank transfer. The buyer might tell you that they had selected the bank transfer payment method but cannot use it anymore. This could be due to an issue with their account, and they want to pay by cheque instead. An informed user would know this behaviour is suspicious and immediately refuse to proceed.
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