Dear P2P Merchants,

Only release the cryptos after confirming that the fund has been transferred to your account. Failure to confirm may result in the risk of fund loss. Do not accept instructions from others to cancel paid orders. If you have any doubts about an order, please contact our 24/7 online support.

I. Common Scams

4. Merchant impersonation scam:
Buyer A places a buy order but finds other off-platform contact methods in Seller B's trading terms. Instead of using BingX's chat window for communication, Buyer A directly contacts Seller B using the off-platform social media contact provided. Scammer C creates a contact method similar to Seller B's off-platform contact details, using a profile picture with a BingX logo. Mistakenly thinking that Scammer C is Seller B, Buyer A transfers the funds to the off-platform payment method provided by Scammer C. When the order is automatically canceled due to timeout, Buyer A files an appeal against Seller B. Upon confirmation, Seller B had not received any funds. Instead, Scammer C had created a highly similar off-platform contact method to fraudulently obtain funds from Buyer A.
Note: If you cannot confirm if it's the merchant's official Telegram account, please verify with our official Telegram @BingXP2P.

Example:

5. Fake system assistant scam:
Seller A places a sell order and contacts Buyer C through the chat window to discuss payment terms. Subsequently, Buyer C impersonates a fake system assistant, falsely claiming that the funds have been transferred and are securely held in BingX custody. Buyer C insists that Seller A must release the cryptos to facilitate the fund transfer to Seller A's account, coaxing Seller A into prematurely releasing the cryptos without confirming the receipt of payment. Upon confirming, it is found that Buyer C uses the BingX fund custody tactic to misled Seller A into releasing the cryptos, deceiving them to obtain funds.
Note: Be sure to confirm the receipt of the funds in your receiving account before releasing the cryptos.

6. Directing users to scam platforms:
Scammers lure users to communicate order details privately on third-party platforms, guiding them to sign up and deposit into so-called "popular exchanges". Once payment is made, the platform ceases operations or block withdrawal services, leading to financial losses.
Always be cautious of unknown platforms. If you come across any suspicious users or merchants, report them promptly to the BingX team. BingX is not responsible or liable for any financial losses incurred from off-platform transactions.

7. Phone scam to encourage order cancellation:
Scammers obtain users' phone numbers through chats and, after users make payments using third-party payment apps, pretend to be customer service representatives from these apps. They inform users that their payment has failed, funds will be refunded, and users need to manually cancel their orders. Once users fall for it and manually cancel their orders, their funds will be lost.

8. False SMS scam to encourage crypto release:
Scammers send false SMS messages to deceive users into believing that their payment has been received. These messages mimic SMS messages sent by authentic banks or crypto wallet apps, tricking them into believing that their bank account have received funds and encouraging them to release cryptos.
Note: Be sure to confirm the receipt of the funds in your receiving account before releasing the cryptos.

9. Fake account hacking scam:
Scammers request the merchant's platform wallet address and inform the merchant that they will send the funds using TRX or BTC. After repeating this process multiple times in a day, the scammer files an appeal claiming their account was hacked and the transactions were unauthorized. This results in the merchant's account being frozen until the platform completes its investigation and lifts the restriction. Scammers usually target reputable merchants with large transaction volumes. The platform advises merchants to strictly trade with the set payment method to avoid risks such as account freezes or potential fund losses.

10. Order timeout scam:
After buyer places the order, the scammer may claim they're handling a lot of orders. They stall buyers until the order times out, then tell the buyer that the order can now be processed without having buyers place a new order. The buyer makes the payment to the scammer's designated payment method, but the scammer stops responding once they've received the funds. Reminder: DO NOT make payments after your P2P order is canceled. If you wish to continue the trade, please place a new order. Once you've made the payment, be sure to click "Paid" to avoid losing your funds due to a canceled order.

11. Order canceled after payment scam:
The order canceled after payment scam refers to where a cryptocurrency seller persuades the buyer to cancel the order after the buyer has already made the payment. The scammer (seller) will post an ad to sell cryptocurrency at an extremely attractive rate. The buyer initiates the transaction and transfers the funds to the seller's account. The scammer (seller) may ask the buyer to provide their contact information such as phone number, WhatsApp or Telegram, or request the buyer to contact them directly. Once the payment is received, the scammer (seller) will reach out to the buyer with a seemingly reasonable reason to cancel the order. The scammer might claim that there was a problem with the transaction or that the transaction needs to be reinitiated for some reason. The buyer trusts the scammer (seller), cancels the order on the platform, but doesn’t get the cryptocurrency or a refund. Once the order is canceled, the scammer takes off with the buyer’s funds, leaving the buyer with a financial loss.

With common P2P scams introduced, here are some tips for you to better protect yourself in P2P trading.

1. Before releasing the cryptos, ensure that the corresponding fiat amount has been received in your account. BingX does not provide fund custody services. Exercise caution and avoid falling for the counterparty's persuasive tactics that may prompt you to prematurely releasing the cryptos.
2. Please refrain from making transactions through external social media or platforms. Trade discussions must take place within BingX's chat window only.
3. If you choose to make a payment in person, please do so in a public area. Prioritize your safety and avoid conducting trades in remote or secluded areas.
4. Do not easily trust fake screenshots. In case of disputes, seek assistance from BingX customer support and request the buyer to provide payment proof through screen recording.
5. It's recommended to avoid using third-party payment methods that allow refunds, such as PayPal or Zelle, for receiving funds.
6. Payments must be made to the other party's bound payment method on BingX, and make sure that the account name matches the KYC name shown on the platform.
7. Do not cancel your order if you have successfully made a payment to the seller. If the seller does not release the cryptos after a long time, contact our 24/7 online support to file an appeal.
8. Do not disclose your email, Telegram, phone number or other account information to others easily. Be cautious of any requests for such information, as they may be fraudulent.
9. Do not trust phone calls, emails, or messages requesting the cancellation of P2P orders for third-party payment refunds. Always verify the transfer status with the official third-party platform and avoid canceling orders before it is verified.
10. For emails and links from unknown sources, you can verify their authenticity through the official verification page: ​https://bingx.com/official-verification/

The platform will announce and permanently ban accounts that are reported and verified to have been involved in any activities against platform rules and the law. The platform will assist users and the law enforcement agency to dispose of the funds in such accounts.