This is a complex situation, $BTC
especially with cryptocurrency-related issues in countries where its legality and regulation are still evolving. Here’s a structured approach you can take to resolve the issue:
1. What Could Be the Solution?
Communication with the Bank: The key is clear communication. Start by asking the bank for more specific details on why the money is on hold.$ETH Is it due to a potential violation of the bank's policies or the claim of a mistaken transfer? Request an official statement from the bank outlining the exact problem.Explain the Transaction: Provide a clear, transparent explanation that the transaction was legitimate, and both parties followed the rules for P2P trading on Binance. Mention the details of the transaction (time, amount, buyer/seller identities, Binance trade history, etc.).Regulation Clarification: Since cryptocurrency is not widely accepted as legal tender in Pakistan, clarify that the payment was for a P2P transaction and not directly related to a purchase of cryptocurrency. $XRP Emphasize that it was a lawful trade between two parties, and the funds are from a legitimate source.
2. What Kind of Evidence Can Be Provided?
Transaction Proof: Provide Binance transaction history for the specific trade, including proof of USDT sale and the P2P trade details.Bank Transfer Receipt: Provide evidence of the funds being transferred from the other party’s bank account into your friend’s account (bank statement or transfer receipt).Screenshots/Records of Communication: Share any communication (via Binance chat, emails, etc.) with the buyer or seller regarding the trade agreement and confirmation.Legal Documents or Confirmation from Binance: You might want to get an official statement from Binance confirming the legitimacy of the transaction and that it complied with their policies.Legal Consultation: Seek legal counsel in Pakistan who specializes in crypto-related issues, as the country’s stance on cryptocurrency might create legal complications. A lawyer might also help clarify the legal framework regarding crypto transactions in Pakistan.
3. Legal and Regulatory Insights
Pakistan’s Cryptocurrency Regulations: The central issue might be Pakistan’s legal status regarding cryptocurrency. The State Bank of Pakistan (SBP) has issued guidelines against crypto trading, but that doesn’t necessarily mean transactions involving crypto-related payments are illegal. It’s more about how cryptocurrency is used.Consider Local Legal Action: If the issue remains unresolved at the bank, consult with a local legal entity to understand the implications of such transactions in Pakistan's jurisdiction and how to handle them in compliance with the law.
What To Do Next for Traders?
Avoiding Future Issues: Traders should be cautious about using P2P trading for converting crypto into fiat in countries with regulatory uncertainty. Always keep clear documentation and communicate clearly with both buyers and banks.Diversification: Consider using alternative, legal methods for crypto-to-fiat conversion, such as stablecoin transactions through regulated exchanges or peer-to-peer services that provide proper documentation.
Prediction and Final Thoughts
Outcome: If your friend provides strong proof of legitimacy, the bank may release the funds, especially if the buyer’s claim of a mistaken transaction is unfounded. However, if the issue involves the legal status of cryptocurrency transactions in Pakistan, it could become a longer-term issue that may require legal intervention.
Be proactive in gathering documents and seeking professional advice to resolve the situation.

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