Common Frauds
Buy Orders
Scenario 1: The buyer has made the payment, yet the seller cons the buyer into canceling the order, resulting in the buyer not receiving assets.
Buyer A placed a buy order for 100 USDT and paid 100 USD via bank transfer. However, Seller B claimed the order needed to be canceled due to a lack of transaction remarks. When Buyer A canceled the order, Seller B's 100 USDT which had been frozen by the platform and was supposed to be released to the buyer was automatically unfrozen, leaving Buyer A unable to receive the corresponding cryptos.
Note: Please do NOT cancel the order once you have made the payment. If the seller does not release the assets for an extended period, you can contact our 24/7 online support to file an appeal.
Scenario 2: The seller provides a payment account that is not under his/her verified name and does not release assets after receiving payment from the buyer.
Buyer A placed a buy order for 50 USDT, and Seller B requested Buyer A to add him on social media such as LINE or Telegram. On LINE, Seller B instructed Buyer A to transfer the fiat to a different account, claiming it was his own. Unfortunately, upon making the payment, Buyer A realized that the account belonged to an unknown person, C, and not Seller B. As a result, Seller B did not release the cryptos on the grounds that the payment did not go to his account.
Note: Always transfer via the payment method that the counterparty has linked to BingX and make sure that the counterparty's payment account name matches his/her verified name on BingX.
Scenario 3: The buyer provides falsified payment screenshots to the seller to deceive him/her into releasing the assets.
Buyer A placed a buy order for 20 USDT and provided a screenshot of the transfer as proof of payment to the seller, requesting the release of the cryptos. However, upon verification, the seller found that no such payment was received. To support his claim, the seller provided a screen recording as evidence. Despite being requested, Buyer A failed to provide any additional evidence or video recording. Based on these findings, it was determined that Buyer A had submitted a counterfeit screenshot in an attempt to deceive the seller into releasing the cryptos. Lastly, Buyer A's order was canceled by our platform.
Sell Orders
Scenario 4: The buyer does not make the payment or provides falsified payment screenshots, urging the seller to release the assets.
Seller C placed a sell order for 200 USDT, but his bank account did not receive a transfer of the corresponding amount. Buyer D provided a falsified screenshot of the payment to Seller C, claiming that the payment would arrive soon and expressing urgency to receive the cryptos. Without confirming the receipt of transfer, Seller C released 200 USDT to Buyer D. Buyer D got the cryptos and Seller C's bank account never received the payment.
Reminder: Always ensure you have received the correct amount of fiat money before releasing cryptos. In case of multiple orders with the same amount, carefully cross-check the payment status for each transaction. If you have not received the payment or the received amount is less than the expected amount, please reach out to our 24h online support for assistance.
Note: Always transfer via the payment method that the counterparty has linked to BingX and make sure that the counterparty's payment account name matches his/her verified name on BingX.
