Dear P2P Merchants,
We have recently identified cases where scammers deceived users into manually canceling their orders after transferring their funds. To safeguard the funds of our users, BingX hereby reminds you to:
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.
Example:
1. Buyer Scam: Buyer A places a buy order and provides a fake payment screenshot to Seller B, asking the seller to release the cryptos. After checking, Seller B discovers that no payment has been received and reports the incident to the platform along with a screen recording as proof, whereas Buyer A fails to provide a screen recording showing the payment record. It was confirmed that Buyer A provided fake screenshots to deceive Seller B into releasing the cryptos, thus successfully committing the fraud.
2. Seller Scam: Buyer C places a buy order, and after making a bank transfer payment, Seller D claims that the order did not have the required information and requests Buyer C to cancel it. Once Buyer C cancels the order, the frozen crypto assets held by the platform are automatically released and returned to Seller D's account. As a result, Buyer C will not be able to receive the pending cryptos. Buyer C reports the incident to BingX customer support, providing a screen recording. At this point, Seller D has already withdrawn the cryptos and removed the ad. Hence, Buyer C is unable to place another order. It was verified that Seller D used a fraudulent tactic to deceive the buyer into canceling the order, thus successfully committing the fraud.
3. Fake Email Scam: The buyer requests the seller's email address through the chat window. Afterward, the seller receives a fake official email, falsely claiming that the buyer has completed the transfer and urging the seller to release the cryptos as soon as possible. After the seller releases it, he/she discovers that the payment has not been received in his/her account. It was verified that the buyer used a fake email address (noreply@mail2-bingx.com) that resembles the BingX official email address to send a fake email to the seller.

4. Fake Merchant Scam: Buyer A places a buy order but discovered alternative off-platform contact in Seller B's 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.

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.

Lessons Learned:
  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 off-platform social media. Trade discussions must take place within BingX's chat window only.
  3. 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.
  4. 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.
  5. 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.
  6. Do not disclose your email, Telegram, or other account information to others easily. Be cautious of any requests for such information, as they may be fraudulent.
  7. For emails and links from unknown sources, you can verify their authenticity through the official verification page: ​
    https://bingx.com/official-verification/
BingX hereby reminds you to be wary and aware of such scams and other forms of fraud schemes. If you've encountered such scams, please click on the User Emergency Response Guide for information on how to contact us for help. BingX will actively respond and safeguard our users' interests to the best of our ability.
BingX will announce and permanently ban accounts that are reported and verified to have been involved in any activities against platform rules and the law. We will assist users and the law enforcement agency to dispose of the funds in such accounts.
For help or any questions, please contact our 24/7 online support by clicking your avatar and then "Customer Support" on BingX app. Please stay alert and report any suspicious order that you encounter to BingX.
Contact Us
Email: P2P@BingX.com
Line: BingX_P2P
Telegram: @BingXP2P
  
BingX Operation Team
2023-11-24
 
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Risk Disclaimer
Cryptocurrency prices are subject to high market risk and price volatility. You should only invest in products that you are familiar with and where you understand the associated risks. You should carefully consider your investment experience, financial situation, investment objectives and risk tolerance and consult an independent financial adviser prior to making any investment. This material is for reference only and should not be construed as financial advice. Past performance is not a reliable indicator of future performance. The value of your investment can go down as well as up, and you may not get back the amount you invested. You are solely responsible for your investment decisions. BingX is not responsible for any losses you may incur.
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