Scammers on P2P Crypto Exchanges: New Fraud Schemes on Binance, OKX, and Bybit in 2025

Peer-to-peer (P2P) crypto trading remains a popular method of exchanging digital assets without intermediaries. However, its decentralised nature has opened new avenues for cybercriminals in 2025. Fraudsters on Binance, OKX, and Bybit are becoming increasingly sophisticated, devising new traps that bypass traditional protection mechanisms and target unsuspecting users worldwide. Understanding these schemes is essential for anyone engaged in P2P crypto trading, especially as regulatory bodies struggle to keep pace.

Common P2P Fraud Tactics in 2025

One of the most concerning trends in 2025 is the rise of fraudulent “proof of payment” screenshots. Attackers generate fake transaction confirmations that look indistinguishable from genuine bank receipts. Victims, assuming the transfer has occurred, release their crypto—only to find no money in their account. These scams exploit the trust inherent in P2P systems, particularly among less experienced traders.

Another widespread method involves impersonation of support teams. On Binance and OKX, fraudsters contact users through external messengers like Telegram or WhatsApp, posing as exchange staff. They claim there’s a verification issue and request sensitive data or direct users to phishing links. As a result, many lose access to their accounts or funds without ever initiating a transaction.

A newer variation seen on Bybit involves fraudulent “payment reversal” schemes. Here, scammers complete a fiat transaction using stolen or disputed accounts. Once the crypto is released, the original bank owner reverses the transaction, citing unauthorised access. The P2P seller is left without both the crypto and the fiat payment, and exchanges often disclaim responsibility due to the nature of off-platform bank fraud.

Why These Scams Work So Well

The effectiveness of these scams lies in a blend of social engineering, technical deception, and the limitations of current KYC (Know Your Customer) protocols. Many users still believe that dealing with verified accounts eliminates risk, while attackers use rented or compromised identities to pass verification checks. This gives a false sense of security that is easily exploited.

Moreover, scammers capitalise on transaction urgency. Many fake buyers create pressure by claiming time-sensitive needs, such as medical emergencies or limited-time opportunities. This tactic manipulates the seller’s emotions, pushing them to complete the deal without proper verification. Emotional manipulation remains one of the oldest and most effective tools in fraud.

Lastly, regulatory loopholes and fragmented international laws make prosecution difficult. Even when fraud is reported, tracking the perpetrator becomes nearly impossible across borders, especially if crypto has been laundered through privacy coins or mixers. Exchanges respond by offering guidelines, but the ultimate burden falls on the user.

How Binance, OKX and Bybit Are Responding

In 2025, Binance has introduced enhanced AI-based fraud detection that scans payment messages for keywords commonly used in scams. It flags transactions for manual review when anomalies are detected, but this system is still in early stages and may not capture subtle threats. Additionally, Binance now requires identity re-verification for high-risk P2P accounts, particularly if unusual trading patterns are observed.

OKX has taken a slightly different approach by integrating blockchain analytics into its P2P system. It allows users to view transactional histories and wallet scores before agreeing to a deal. However, scammers have adapted by using clean accounts or renting verified profiles, limiting the effectiveness of this measure. OKX also discourages external communication and offers reporting tools within its interface.

Bybit, while newer in the P2P space, has focused on community education. It hosts live webinars, updates blog posts with scam alerts, and promotes escrow safety practices. Yet many users bypass escrow protocols to save time or fees, leaving them vulnerable. Bybit has also piloted a “trusted trader” badge system, though it remains vulnerable to abuse if verification standards aren’t updated regularly.

Limitations of Current Exchange Protections

Despite these improvements, all three exchanges struggle with the core issue: P2P systems rely heavily on user discretion. Exchange mechanisms are not foolproof, especially when scams involve third-party banks or stolen identities. Even with a full KYC policy, fraudsters can rent identities or use compromised accounts to conduct trades.

Enforcement also remains largely reactive. Only after a victim reports fraud does the exchange begin an investigation, which often yields no recovery. Dispute mechanisms are slow, and with no central authority to reverse crypto transactions, victims face permanent losses. These realities highlight the importance of proactive awareness rather than reactive responses.

Additionally, language barriers and inconsistent UI prompts across mobile apps and desktop versions can confuse users, making them more susceptible. Exchanges must do more to unify interfaces and improve risk alerts within the transaction flow.

Best Practices to Avoid P2P Crypto Scams

First, never release crypto before confirming fiat payment within your bank account—not just a screenshot. Avoid trusting proof of payment that isn’t verifiable within your bank portal. If any doubt arises, delay the transaction and contact official exchange support directly via the in-app help centre.

Second, refuse to communicate outside the exchange’s chat interface. External messengers are unregulated and often used to carry out social engineering. Avoid clicking links or sharing personal data through third-party apps. All major exchanges advise against leaving their secure chat environment.

Third, favour long-standing accounts with good user reviews and volume. While no account is guaranteed safe, profiles with consistent positive feedback across hundreds of trades are statistically less likely to engage in scams. New accounts, particularly those offering better-than-market prices, should raise immediate red flags.

What to Do If You’re Scammed

If you suspect fraud, document every part of the transaction—screenshots, bank statements, chat logs—and report the incident to the exchange immediately. Prompt action increases the chances of freezing suspect accounts and preventing further damage. Many victims hesitate out of embarrassment, but early reporting is critical.

Also file a police report with your local cybercrime unit. While outcomes vary, some exchanges will require a report to initiate investigations. For significant losses, consider contacting legal counsel or engaging blockchain forensic services to track your assets.

Finally, share your experience in user communities. Warning others helps reduce the success rate of these scams and increases overall awareness. Exchanges often monitor forums and adjust their policies based on user-reported threats.