Staying safe with Revolut and P2P crypto platforms

We’re seeing an increase in customers falling victim to scams and issues with P2P crypto platforms like Binance, Bybit, Huobi, Kucoin, Gate.io, Paybis, and Paxful. So, we want to share some best practices to keep you safe while you dive into the crypto-verse.

What is a P2P crypto platform?

A P2P (peer-to-peer) crypto platform allows customers to buy and sell crypto directly from specific vendors or buyers without using an intermediary party.

When a sale is agreed, the platform holds the cryptocurrency while the buyer makes payment (done via various methods, like bank transfers, Revolut transfers, card payments, etc).

Once the seller confirms they’ve received the payment, the cryptocurrency is released. In case of disputes, the platform offers resolution services.

So, what are the risks?

Although P2P crypto platforms are convenient, there are risks. Here’s the two most important ones to be aware of:

1. You could lose your money: buyers could dispute a legitimate sale (which would be a fraudulent claim), and could result in a seller losing out financially.
2. You could receive stolen or criminal funds: as a seller, you could unknowingly accept funds from individuals who have fallen victim to fraud, or receive the proceeds of criminal activity without your knowledge. When this activity is suspected, we’d investigate carefully and may be required by local regulations to confiscate those funds. These investigations are complex and can take a long time.

Here's an overview of how these scams typically operate:

Our tips for staying safe with crypto

To protect yourself from potential scams, remember these guidelines:

1. Deposit your crypto straight into Revolut: we scan the blockchain for risks and block fraudulent wallets to protect you. You can deposit your crypto to Revolut safely and securely, and convert instantly to fiat currency. Please note that minimum deposit thresholds may apply (read more in our T&Cs).
2. Never ignore in-app warnings: we employ thorough detection and prevention technology that’s expertly designed to protect customers. If we send you an in-app warning message, it’s because we suspect a risk with your activity — never ignore these messages. Make sure you read any warnings from us carefully and only proceed if you’re certain about a payment.
3. If it sounds too good to be true, then it probably is: beware of deals that seem too good to pass up, as they often act as bait for fraudulent activities. Be cautious and conduct thorough research before engaging in any crypto transaction. For example, a buyer might offer to purchase a stablecoin from you for much more fiat currency than its actual value.
4. Verify who you deal with: it's important to check that the funds you receive on your Revolut account are coming from the same person that you're dealing with on the P2P platform. If a merchant offers to send you money from an account other than their own (e.g., via ‘a friend’), or uses an anonymous source (e.g., a card payment to you), we recommend you refuse the transaction and report it to the crypto platform.

At Revolut, your safety is our priority. We're committed to identifying and preventing fraudulent activities. If we detect suspicious activity, we may be required to report it to the relevant authorities, take action with regards to the account in question and, in some cases, return fraudulently obtained funds to the victim. If we need to get further details about transactions to verify their authenticity, then please be patient with us so that we can try to keep you and your funds safe.