I am Canadian. I used P2P on Binance to sell crypto (receiving money via etransfers). I was told I should always make sure that the name on Binance KYC matches the one from the bank for each etransfer. I checked thoroughly for every transaction, and only accepted those that matched. All transactions went fine. However, after one week, one etransfer has been reported to my bank as fraud, and my bank froze my account. I asked Binance to provide me all details so I can explain the situation to my bank.

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I went to the bank today, and it appears multiple etransfers were flagged as fraud. They told me the etransfers were made from accounts that did not have funds, and that the money could be directly substracted from my account, and that I am accountable. They explained it’s something like a bounced check.

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1. I am surprised this is possible. I thought etransfers were like money, and as soon as the money is in my account, then it is mine. I understand transfers could be marked as fraud (rightly or wrongly), but the etransfer having no funds like a bounced check? Is that really possible or my bank is telling me whatever?
2. I really believe I did my due diligence by checking that payments were not made by third parties, and by providing all proofs to my bank that the transaction is legit. I am clearly biased, as I don’t want to lose thousands of dollars. Am I wrong? Have I not done my due diligence? If not, what should I have done?
3. Do you believe I can do anything to increase the chances the transactions don’t get reversed?

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It represents a significant sum of money for me, and I am really worried. My bank is RBC if that changes anything.

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Thank you for your time.


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Posted in Binance Reddit and tagged

9 Comments

  1. HeadMembership on 5. January 2023 at 20:06

    You can’t e-transfer from accounts with no funds.

     


  2. Hot-Ad-2276 on 5. January 2023 at 20:06

    Can you give us the nick name or Binance ID of that scammer so we can avoid that? Thanks

     


  3. Puzzleheaded-Dog2127 on 5. January 2023 at 20:06

    Don’t p2p bro, it’s all stolen cards and scsmmers.

    But sorry, yes, prob are liable.

     


  4. doh13 on 5. January 2023 at 20:06

    It shouldn’t be your fault that the person that sent you money didn’t have/own it I assume they used a stolen card rbc and it was used before it was reported stolen . binance should flag the person’s account for fraud if you reported it.

    Also if I’m not mistaken when you send etransfers on rbc it warns you to be carefull as it can’t be reversed so technically rbc shouldn’t be able to take your money back . You should go on an rbc or banking reddit to learn what your options are.

     


  5. doh13 on 5. January 2023 at 20:06

    Rbc is going to have to eat the loss not you they will likely have to refund the rbc Customer who had their card stolen so if they take your etransfers back from you then you’re not being protected by rbc but the other customer is which is not fair as You didn’t do anything wrong either plus the etransfer obv had the funds to send or it would have not went through on their end . The main reason to use a bank is to be protected when such things happen don’t allow rbc to walk over you. You have options .

     


  6. kenkitt on 5. January 2023 at 20:06

    You should probably report to binance to prevent those accounts from continuing the scam

     


  7. BinanceCSHelp on 5. January 2023 at 20:06

    Hello there! We would like to have a closer look, could you please provide us with your case ID? If you have not, please connect with our live support here, so we can assist you further: http://binance.com/en/chat
    – SM

     


  8. Crypto4Canadians on 5. January 2023 at 20:06

    Sorry to hear about your situation but e-transfers are reversible. You’re not the first person who’s come out to address this issue. This is why I tell Canadians to not use P2P as there are risks to it. There are much safer ways to cash out that crypto in Canada. At least you know for next time. Hope you get it sorted out though.

    EDIT: Not reversible in the traditional sense but the e-transfer can be marked fraudulent.

     


  9. doh13 on 5. January 2023 at 20:06

    https://www.rbcroyalbank.com/ways-to-bank/tutorials/send-and-receive-money/cancel-reclaim-an-interac-e-transfer.html

    “Please note: If there’s no “Cancel” option for you to select, it is no longer possible to cancel that Interac e-Transfer. Also, if the recipient is registered for Autodeposit, the transfer is processed and cannot be reversed. In this case, funds are withdrawn from your account and deposited into the recipient’s account. “